Tag: time

Common Mistakes For First-Time Home Flippers

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Flipping a home is one of the most common ways to get started in real estate investing, but if it’s not done correctly, it could cause more time and money than it’s worth. You wrote a strong offer, the sellers have accepted the offer, and now you have to decide what to do next while avoiding major mistakes or setbacks.

Let’s look at three of the most common mistakes for first-time home flippers.

Not Doing Proper Research/Developing A Plan

Many assume flipping a home is easy; the most challenging part is finding the home, right? Wrong. You need to do a lot of research upfront to ensure everything runs as smoothly as possible. Take some time to develop a plan so you know exactly what projects you want to complete and the estimated timelines for each one. Remember, there will be some setbacks, but having a plan from the beginning will help with your overall expectations. 

Underestimating The Amount Of Time It Will Take

Flipping a home can be very time-consuming, and it’s not something you can do as a part-time job. Finding a home can take months, and renovating the property can take longer, depending on potential delays. After that, you must complete inspections before selling it to ensure everything is up to code. Once it’s on the market, it could take months to sell again. Don’t think this will happen overnight; it takes a lot of time if done correctly.

Not Having Enough Money

There’s more to flipping a home than just having money for the home and the renovations; you will need to make mortgage payments, pay property taxes, and often pay homeowner’s association fees, depending on the location. Keep in mind, you will also need to pay for utilities and any additional maintenance that’s needed while you’re renovating the property. Not to mention, if you have delays or setbacks, that could mean additional money out of your pocket to fix the mistakes. Make sure you have enough money saved up before getting started, or you could have major issues down the road.

Rental properties can be great investments to add to your portfolio if done correctly. If you have any questions or need recommendations on how to get started, reach out to us! We are always here to help.

Maximize Your Profit With These Rental Property Upgrades

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Landlords are always thinking about upgrades they can make to their rental properties that will increase their rental income and make their lives easier in the long run. But which upgrades are worth your time and money? Let’s look at four upgrades that will keep your tenants happy and increase your rental income and property value.

Upgrade Flooring

Replacing the carpet with hardwood flooring will increase your value and save you time. Carpet can stain and tear easily, making it more prone to need replacing. Hardwood flooring is easier to clean and more long-lasting. Installing hardwood flooring can be expensive up front, but it will save you time and money in the long run.

Fresh Paint

Painting rooms in your rental property can make a huge difference and make your rental property more appealing. Neutral colors like gray or beige with white trim go with all kinds of decor and are colors that tenants tend to gravitate towards. 

Update Kitchen & Bathrooms

The two rooms that tenants like to see updated are the kitchen and bathrooms. This can get expensive, but luckily, you don’t have to update everything to make a good impression. Small changes in the bathroom, like updating the toilets, vanity, or sink, or kitchen updates, like cabinetry or countertops, are all you need to give these rooms a new look.

Increase Energy Efficiency

Tenants will appreciate energy efficiency items like Energy-Star certified appliances or new windows as they will help lower their utility bills. Replacing old appliances will save you money on maintenance issues in the future. New windows are more aesthetically pleasing than old ones, and cold drafts from the old ones can cause higher utility bills.

As you can see, there are a lot of different upgrades that can benefit you and your tenants. If you have any questions or need recommendations, reach out to us! We are always here to help.