When your buying real estate and flipping the property you need to have a planned budget that will work for your property. The budget is the most important thing you can have. Some investors look at their equity and think it is unlimited. This can get you into trouble.
When you get your budget for a home you can then plan what to do with it. A great way to know is get in your car and go to some open houses in the neighborhood, or look at some that are up for sell. This way you know your competition and the market.
You need to also look at some solds in the neighborhood to see what type of homes are selling faster. For example a home may have larger bedrooms and a very nice kitchen that sold quickly. Some of the lots of the solds may be a premium lot (bigger or on a nice street) that could also affect the price. What I'm saying in a nutshell make sure you understand what type of remodeled homes are selling the fastest.
In flips you can save a lot of money with paint I use washable flat paint. It looks nice and cost 70%-80% of the price of other paints. Your cheapest upgrades are always lighting. You can put the best lighting in and still stay in budget. It also makes your home look very nice.
I always dual paint flips(two color) this really makes a property pop when people are looking at it.
You can blow your budget by putting things in that really don't help you sell the properties, Example would be cabinets in a kitchen. That can cost an arm and a leg. Refinish or put on some nice counter top instead. Another would be bathrooms, you can spend a lot on these.
Make sure that what your doing will keep you in budget. Remember your in the flip game to make home very nice, and also make yourself good profit for all your hard work. Always look at what type of upgrades people are buying in that neighborhood and you'll do great! Brett Young WWW.Rooftopprofitmax.com
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