2018-08-07 How Pros Choose a Fix-and-Flip Property
| By:
Brad Beckett
How Pros Choose a Fix-and-Flip PropertyAre you someone who has thought about investing in a rehab project? A recent article over on AskaLender.com looks at the process of doing a fix-n-flip and explains the process of buying a fixer-upper, remodeling and/or renovating it and then selling it at a profit. They rightly point out that “it’s important to know what you’re doing when taking on a fix-and-flip project. If you make a mistake, your profitable investment could turn into a costly money pit.” Indeed….always do you due diligence before making any investment.Key points:
- Shoot for 70 percent of the after-repair value (ARV) minus cost of repairs.
- Look for homes with good bones (i.e., a solid structure).
- Choose newer homes for faster, less thorough flips.
- Get all proper permits for repairs or additions.
- When starting out, get a mentor to teach you the ropes.
Click here to read the full article on askalender.com.