Invest with Real Estate Investors Who Pay Attention to the Details
Attention to detail is one of the many things that separates the amateurs from the professionals. Developing this crucial skill is important not only for identifying flaws and potential issues during a flip, it also makes the process seamless and ensures the home will be ready to market.
Patching holes, making sure the you picked out paint colors that bring life to the house, type of flooring and color, down to simply oiling the rollers on the sliding door -- every aspect of the renovation process deserves attention.
Real estate investing and flipping houses is a fast-paced and complex job. It's easy to get overwhelmed by the challenge ahead and fail to pay attention to the little details of every element that goes into the finished product. Overlooking details can be costly, though, causing you to overpay for a home, fail to notice major issues that need to be fixed or harming the quality of the finished product.
Don't waste time learning the "tricks of the trade." Instead, learn the trade.
It's all about keeping your eye on the goal.
Here are just some areas that require a keen eye:
Maintaining your budget
As you know, the idea behind property flipping is buying at a good price, finding ways to improve the value and selling for a profit. What you may forget is the budget is the most crucial factor that determines the difference between selling at a loss or a profit.
Keeping on schedule
The flipping process needs to go as quickly as possible. This needs to be balanced against quality and taking the time to do things right. Time is money, but you also can't afford to let important aspects of the rehab get botched.
Aiming for high quality
Low-quality work is the fastest way to kill a potential sale. Throughout the flipping process, it's important to provide professional-grade work with durable materials.
Many new flippers make the mistake of assuming you can buy and sell at any time. The market is dynamic, however, and attention to detail will pay off. Are gas prices especially high? What's the crime rate in the neighborhood? Are the schools ranked well? Is there any new development? Paying attention to these factors and more will pay off.
Working with the right people
Utilizing an array of active, backup, pending and recent sold properties located close to the subject property, R.E.I. Wizard is able to accurately assess the value of any specific property.
Finally, it's all about who you know and who you choose to work with. From the contractors to the real estate agent, the entire process can fall apart if you put faith in the wrong people. This means doing your due diligence to check references, look at past work and finding those invaluable individuals who will be an asset.