- Do you know the area? There are all sorts of things a home rehabber should know about the territory he works in. The price of similar homes that have recently sold in the area are only part of the equation. You have to know the schools, what the traffic is like, if the neighborhood is expecting any major changes, and other seemingly minute details.
- Do you know the market? The fix and flip Arizona market is ever-changing, and even neighborhoods and subdivisions follow their own trends. You have to be able to make accurate predictions on what the property will be worth once the renovations are complete.
- Do you have a cushion? Whether you’re taking out a hard money loan or saving up your own cash, you must set aside funds for unexpected expenses. Sometimes necessary repairs don’t become apparent until the renovation is underway, and other times they can prove to be far more costly than the budget allows for.
- Do you understand the holding time? When you fix and flip Arizona properties, having a solid timeline in mind is essential. Knowing how long you have to complete a project, and keeping everything on schedule, can make a huge difference in the amount of profit you see.
- Are you aware of the industry? From bidding, through buying, renovating, and selling, you’ll need to be in contact with numerous professionals. You also have to have a keen understanding of the process, and be familiar with trends.
- Do you know a realtor that works in the industry? Some flippers try to sell a home on their own, which can be a particularly big challenge when it comes to marketing and negotiating with buyers. It’s important to partner up with a realtor, but not just anyone will do. If you partner with someone who works in the industry already, you’ll have instant access to a huge knowledge base. You’ll also be working with someone who is highly familiar with your goals, and knows how to flip a home fast, for maximum profit.
- Who is going to do the work for you? While some start-ups do all the renovations independently, there are numerous professionals you may need to call on at some point to get an expert job done fast. Electricians, plumbers, contractors, painters, and other helpers are beneficial, but you’ll need to establish relationships with trustworthy people before you begin.
Call The Drefs Team at 623-694-0354 for a list of potential homes to fix and flip.
You can also reach us at firstname.lastname@example.org.