Don’t let your latest project end up like a haunted house that’s still scary way past Halloween! Making mistakes is part of the process. We’ve all made them. Whether it’s a big oops or a small one, it’s important to prepare yourself and keep mistakes to a minimum, so they don’t scare away your profits. Check out this list of the Spookiest Fixer Upper Mistakes Flippers Make!
TRICK OR TREAT: PAYING A SCARY AMOUNT FOR THE PROPERTY
If you make a mistake on the value of the property and pay too much for it, you’re likely doomed from the start. Like an actual haunted house, you never know what you’re going to find in the property until you start tearing things out or doing the demo. In most cases, everything can be fixed. But, it comes down to costs. Some of which can be horrifying!
DON’T MAKE THE HOUSE TOO BOO-TI-FUL!
Having the nicest house in the neighborhood, aka putting too much into it, can be a real deal killer. Keep it nice, but simple. A quality mismatch between your property and the surrounding ones will typically lead most buyers to pass on it. They figure If they’re going to spend a ton of money, why wouldn’t they just buy a property in a better neighborhood?
AVOID LENDERS WHO TAKE YOUR CANDY
If you’re experienced, you know how to avoid using an unscrupulous lender. However, if you are new to the fix and flip world, you’ll want to ensure you are partnered with a lender you trust. Nothing is scarier than coming to the closing table and finding out there were hidden fees so you have to fork over even more cash. You want a lender who will be honest about the time it takes to close a loan and one that has enough money in the bank to fund your draws when the time comes.
YOU NEED GHOUL FRIENDS!
Professional house flippers have a team of skilled professionals, such as carpenters, plumbers and electricians who have the knowledge, skills, and experience to help you fix and flip fast! There’s no denying that if you’re handy with a hammer, or can you hang drywall, you’ve got the skills to flip a house. But, the money you’re saving by doing it yourself can add up to a lot of extra time that will eat into your profits. Sometimes, it is best to leave some things to the pros, so you can buy and sell quickly.
HAPPY HOUSE HAUNTING from the Easy Street Capital Team!
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