Living in Contra Costa County

Flipping an Antioch Ca Property

Flipping an Antioch Property

If you are thinking of Flipping a Property here is a great post to read on how to do it and some important Property Flipping Considerations.

Go here for more information on Flipping Properties in Antioch or Beyond and The Free Book of Real Estate Investing.

Via Malinda Montgomery-Realtor Singer Island, FL. (One World Realty Inc.):

Top 10 Tips for Flipping a House

FLIPPING is buying, renovating and selling a home for a profit.  Investors do it and so can you. There is no magical formula to ensure your success at flipping homes, however, here are some tips to help investors earn more money.
ConstructionConstructionConstruction
1. Do not get emotional about house flipping. Flipping is a business. If the numbers do not work, move on to the next property. Some investors make the mistake of becomming too attached to the home. They work to sell at a high price and end up holding onto the flip longer which reduces the profit. Know what the market calls for.

2. Curb appeal counts. Pay attention to the oustide of the home . If buyers are not attracted to the curb appeal, they probably will move onto the next property. They may never see all the upgrades done inside the house if they are turned off by the outside appearance and its surroundings.

3. Keep your personal tastes to yourself. Your flip needs to be attractive to "buyers", not you. Color is an important part of flipping homes. Stick to neutral colors especially when it comes to painting and choosing  the flooring.
 
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4. Spruce up the kitchens and the bathrooms. These 2 rooms will increase the value of the home. Make sure that fixtures and appliances are in line with the budget you have made. If the kitchen and bathrooms look clean, sleek and updated, the house will sell faster and for a higher profit.

5. Time is money. Prepare a time line. Your time line is an important way to let contractors know when the next group of workers needs to be in a specific part of the house. One rule of thumb is to work from top to bottom and tackle the big work projects first.

6. Hire a good contractor. You cannot be at the job site all the time. This is where the contractor comes in handy. He can keep a close watch on your time line and an eye on the part of the budget that is his responsibility. He can keep track of problems and find solutions. The easiest way to find a good contractor is through referrals.

7. Be ready for paperwork. There are loads of paperwork that come with a flipping a home. The most important paperwork you will have deal with are permits. Obtaining permits takes time. Apply for them before you begin the work. Not having the proper permits can cause the work to stop and this will cost money. Keep a file for all the contracts and receipts for the project.

8. Stay focused and monitor your progress. Throughout the home flipping process, you have to constantly monitor your progress. That way, you will know at any given time where you stand on the project. 

9. Start small, and work your way up. Your first house flipping project should only address cosmetic work. You may not get a huge return on your investment but you will learn valuable lessons and gain experience.

10. Expect the unexpected. You probably willl encounter something that you just did not expect. It may be a problem that appears hours before the closing. It is likely that you will run, at least a little over budget or hold the flip a little longer than expected.

 

Malinda Montgomery-RealtorMalinda Montgomery-Realtor

Cell 386-290-0095

Malinda@OneWorldRealty.com

http://activerain.com/blogs/m4singer

 

One World Realty

1250 North Ocean Drive

Singer Island, Florida 33404OWR Logo

Office 561-845-1300 Fax 561-844-0350

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1 comment • Gene Riemenschneider East Contra Costa Home Sales 01492725 • December 02 2011 11:58PM