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Repairs And End Buyers10/25/2017 Repairs And End Buyers was originally published to http://mpgdeals.com So you are ready to dive in and do your first fix and flip. With a little understanding, you can make the most out of it, enjoy it, and in the end make some money. In this short article we will cover a few more things that you need to know and do for your first fix and flip property. In our last article "Start With A Solid Foundation For House Flipping" we touched on a few things to getting started with your fix and flip business. Now we want to dive in a little more about how to know what you are getting into and how to best position yourself for success.
Repairs On Your "Fixer Upper"The scope of work and who your end buyer is needs to be the very first thing you access. Brandon Turner just posted an article on Bigger Pockets that gives some great advice on actually assessing your first flip:
Good info from Brandon, and we like his 4th step of estimating by condensing the list into one of 25 categories. We can't stress enough how important it is to take your time when performing a walk through of the house for the first time. Even for properties that we are keeping for ourselves we always take lots of pictures, many times 50 or more. Flipping Your Investment PropertyAfter you have your scope of work down, next you need to look at your end buyer and other properties in the neighborhood. If all the properties nearby are selling at 100k to 200k, more than likely your end buyer is working middle class. No need to ad in extra expense by making the property look like the Taj Mahal! Epic Real Estate posted an article that will probably help you stand back and evaluate your end buyer a little better:
While the two comparisons made in the article are very different, it should help you understand better how you need to assess the property for who your end buyer is. We like to gain access to the MLS and look at current properties for sale, or if none are on the market nearby, look at pictures of properties that have recently sold. We pay the most attention to kitchens and bathrooms. If there are other properties on the market, we like to make ours better and competitively price the property so that it is the nicest property on the market at the best price. Summing It UpIt can be an exciting time performing your first flip, but you need to be a little cautious and methodical when choosing what repairs to make. Look at nearby properties, either listed or recently sold on the MLS and get a good feel for who and what your end buyer will want in the property. And as always, if you are looking wholesale properties for sale in Atlanta for your first fix and flip, visit our site. Until next time :) via Blogger Repairs And End Buyers
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