As many real estate investors have discovered, flipping a property isn’t an exact science. There is no set formula for fixing and flipping success. Sometimes it may even seem like luck is the biggest factor when it comes to making a profit, but this isn’t the case. While there is no one way to be a successful flipper there are a few common mistakes that you can easily avoid. 1)      Over-remodeling for the area. This is the most common mistake by far. You may have an awesome vision of granite counter tops and slate flooring, but if your property becomes Read more…

Remodeling and updating a property is one of the best ways to get a property market ready. However, if you aren’t careful you can end up spending more money than you will recoup. When remodeling you need to keep your bottom line constantly in mind. Try these three tips to help you save when remodeling: #1 Paint. Paint is cheap and can do a lot to update and freshen up any space. Get a medium gloss so it will clean easy and pick a neutral tone that will work in every room. Many contractors choose white, but a taupe for Read more…

The other day found us fantasizing a little bit. Yes, we indulged in just a bit of fantasy about money. And more specifically, a money tree. If money grew on trees think about how many projects we could finance. Think how awesome you could make every property look if you had a money tree.  Unfortunately, as we all know, money doesn’t grow on trees.  So we finance. Financing is a sometimes frustrating but almost always necessary part of the fix and flip process. It doesn’t have to be painful, though, if you follow these easy steps: Step #1: Learn about Read more…

Hiring the right property management company can make a huge difference in your real estate investment experience. Hiring a mediocre company can mean, at best, work gets done with significant headaches on your part or, at worst, you get swindled. Make sure you ask these three questions to get a great property management company. 1)    “Can I see your contract?” This seems like a ridiculous question to ask but you’d be surprised how many investors set up agreements with property managers without putting anything down on paper. Getting a good look at their contract will give you a good idea Read more…

Benjamin Franklin once said, “An investment in knowledge pays the best interest.” His quip is useful in many scenarios but especially when it comes to investing in fix and flip real estate properties. You have to know what you are getting into before you actually dive in or you risk losing money. The best way to evaluate whether a given fix and flip property is right for you is to determine three numbers: your investment capital, your budget, and your profit margin. Let’s look at each one individually. Investment Capital. Your investment capital is the amount of money you have Read more…

They say the most stressful events in life are deaths in the family, divorces, selling a home, and remodeling. Well, if you have ever had to fix and flip a real estate project you know that it combines at least two of those things. In other words, fixing and flipping properties is highly stressful and sometimes you might wonder if it’s worth the money.  You can actually lower that stress level by effectively managing your fix and flip. Successful management of a fix and flip starts with financial clarity. What does that mean? It means that before you buy a Read more…

In a hard economy you have to watch all your bills to make sure your money is being spent correctly. One set of expenses to keep an eye on is your property manager and their repair prices. Many property managers are seasoned professionals who work hard and charge fair prices, but some of them are sharks. Don’t get burned; take a good look at what they are billing you for. Making repairs instead of replacements and replacements instead of repairs. This kind of thing is often a judgment call but if you see a lot of expensive items being replaced Read more…