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 property or start renovating a property you already own you need to have a clear and detailed picture of your budget and a plan to stay within its limits. Money can be a huge stressor and if you don’t have a plan to manage it you will find that IT is managing YOU.

Successful management of a fix and flip also includes a timeline. Don’t just jump into your project blind. Plan out the fixes and estimate how much time they will take. Add in a few extra days for mistakes and hang ups and then make a calendar. Odds are you won’t be able to stick to the calendar all the time and it will need adjustments, but having that timeline will help keep you on track.

Successful management of a fix and flip involves networking. Flipping a house is about more than just putting it on the market. You need to sell it. The best way to do that is to make a lot of contacts in the real estate world and start working them. Build a network of contractors and handymen that you can count on to help you out in the renovation stage. Success usually involves quite a few people.

Successful management of a fix and flip is about the buyer. Don’t get caught up in your personal vision for the property. You need to be able to see it from a more neutral point of view and also from the point of view of the buyer. Just because you love white wainscoting doesn’t mean you need to put in every room. Keep the buyer in mind and only make fixes that will entice them to buy. Don’t spend time and money on things your prospective buyers won’t like, can’t afford or won’t get paid back for.

What tips for fix and flip success do you have?

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