Tag: utilities

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.

How To Create An Eye-Catching Rental Property Online

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Your rental property is nothing until you get tenants and start generating income. Of course, to get tenants, you need to advertise your rental property online. Sounds easy enough, right? Not with all the other Greater Austin rental competition out there!

Let’s look at a few things to consider when creating your online advertisement to spark interest among prospective tenants.

Focus On Your Target Market

When creating your online ad, think about who you’re marketing to and highlight the things that are important to them. For example, if you’re targeting families, talk about nearby amenities like schools, parks, and more. This will instantly reel them in and make them want to continue reading to learn more about the property.

Make sure to focus on the best features of your property and the benefits of living in your property over others on the market. 

Have A Structured and Catchy Ad

Short, sweet, and to the point applies here. Here are a few items you want to make sure are included in your ad:

  • Attention-Grabbing Headline (one sentence or less)
  • Unit Specifics: Number of bedrooms and bathrooms, square footage, & unique features
  • Features and Amenities: Highlight the best features & in-unit amenities
  • Location: Where is the property located & what nearby amenities are there
  • Rent, Utilities, Security Deposit: Mention monthly rent & security deposit amounts, as well as any other fees, plus the utility policy (included or not) 
  • Pet Policy & Restrictions: Are pets allowed? Are there other restrictions (noise, parking, smoking, etc)?

Show Your Property At Its Best

Photography is key. If you can’t have professional photos taken and take them on your own, take horizontal photos to make your property look bigger and use natural lighting whenever you can. Staging can also help as it helps prospective tenants envision themselves living in the home. 

Next time you are going to post an ad online to promote your rental property, remember these ideas. If you have any questions or need recommendations, reach out to us! We are always here to help.