Building Remodeling Or Flipping A New Home Insider Information

Building Remodeling Or Flipping A New Home Insider Information



Building, Remodeling or​ Flipping a​ New home- Insider information
When it​ comes to​ remodeling, investing in, or​ flipping houses the are a​ lot of​ things to​ take into consideration .​
For the new guy, this can soon become an​ overwhlming process and you can easily lose mony of​ your are now careful/
Here some tips if​ you are wanting to​ RemodelFlip Houses (Buy a​ house fix it​ up and then Resell it​ for profit)
If you are into real estate investing then you more than likely have been thinking about the idea of​ buying and selling houses .​
I​ have been doing it​ for quite some time and here are some tips for you.
1 .​
If you know nothing about construction then I​ HIGHLY recommend you hire a​ General Contractor ( GC ) .​
a​ reputable contractor will meet you onsite and look at​ the subject property .​
You should be able to​ get some estimates of​ repair .​
Make sure he/she is​ licensed and insured .​
Get a​ copy of​ his contractors license .​
Absolutly DO NOT try to​ go into it​ thinking you get everything done yourself in​ 4 weeks on a​ budget of​ $10,000.00
2 .​
When arranging your financing with a​ lender ask for an​ interest only loan for 1 year .​
Your payments will be lower .​
If for some reason it​ takes longer than a​ year to​ sell the house you can sign for another year .​
Make sure you confirm this with your bank.
2 .​
Make sure that you figure your carrying costs into your loan .​
By doing this you will have financed the payments and be able to​ draw from the bank when a​ payment is​ due .​
The amount of​ payments you can include will vary depending on the Loan to​ Value (LTV)
This will keep you from going out of​ pocket for a​ few months .​
Hopefully the property will sell.
3 .​
When you have received the estimate from the contractor add about 3-5% to​ it .​
I​ am not suggesting that your contractor is​ trying to​ scam you .​
The fact is​ all budgets (when flipping houses) run over .​
So count on it​ up front so you are not surprised in​ the end.
4 .​
Call your insurance company get the premium amount and add those numbers into your loan .​
When the payment is​ due draw from the loan.
5 .​
Make sure you figure in​ utility expenses .​
Take into consideration the season and the type of​ utilities the property has .​
You may need to​ add more or​ less depending.
6 .​
Strongly evaluate the market in​ which you are investing .​
Do your homework and see what other properties are selling for .​
Too many times I​ see people get into this business, not figure in​ all that there is​ and then try to​ sell for more because they are over budget.
Have all your numbers together.
7 .​
Go to​ the job EVERYDAY or​ at​ least every other day .​
If you do not have time to​ do this ...then do not flip houses .​
Whether you are doing the work or​ a​ GC, the project will go more smoothly, closer to​ budget and be completed on time .​
If you are using a​ GC this is​ imperative .​
He or​ she will need your opinion daily.
8 .​
Always install new appliances.
9 .​
Pick out all of​ your colors out before you start .​
Write them all down and make sure your GC has a​ copy .​
This is​ crucial to​ getting the job done on time .​
If anything needs special ordered you will know it​ upfront .​
Not to​ mention if​ you have to​ be unavailable for some sort of​ emergency...everyone can still keep working.
10 .​
Allow a​ reasonable time frame .​
Take into consideration holidays and weather .​
Do not kid yourself .​
Be realistic .​
Don't expect anyone to​ work on Christmas day unless you are.
I have had good flips and bad ones .​
Every flip has had a​ surprise .​
With my most recent one I​ encountered over 200 bats in​ the roof .​
It cost me $1,800 to​ have them removed and I​ did not have that expense figured into the budget.
Have you ever flipped a​ house .​
If so please share.
To your success,
Sean
Make sure you look at​ the Building Home Checklist .​
This is​ a​ must have tool considering building a​ new home.

Wishing you the best





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