Today, we continue our series on how to be best prepared for your next property flip. According to Benjamin Franklin, “An ounce of prevention is worth a pound of cure.” Save yourself the stress and financial burden that come with being unprepared by following our blog!
#4: Harness Your Fear
Don’t let fear keep you away from getting started. Instead, harness that fear and use it to keep you careful, focused and on budget.
#5: Time Is Money
If you plan to do the labor yourself, you’ve bought yourself a job. There is absolutely nothing wrong with that, but if you are planning to create and run a scalable business, you’ll want to learn to budget for others to do the labor that literally isn’t worth your time.
#6: Finance Your Flip
Flipping houses takes money, but that money doesn’t need to be 100% yours. Take the time to assess your different financing options and ask for help from the knowledgeable staff at Black Square.
#7: Fact vs Fiction
If you watch television shows about flipping homes, it’s important to understand that they are most likely staged and not a good representation of the real difficulties you are likely to encounter when flipping a property of your own. Don’t be discouraged, though—these programs can be a great sourced for inspiration and ideas.
#8: Know Your Market
Understand what improvements are needed in your market vs those that are not. Granite countertops? Hardwood floors? Markets and neighborhoods vary widely, so do your research and be sure that your investment will be one that a buyer can appreciate.