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There are a few common mistakes first-time investors make when flipping a house. Generally they are mistakes which can be avoided and usually are after the first attempt. If not, it's unlikely that the investor would want to continue doing this because these can often make the difference in being profitable.

Lack of Preparation Prior to closing on the property (when you're buying) you should already have all your price estimates complete. In addition you should have any subcontractors lined up,as well as the timing built in for placing any material orders.you want to hit the ground running as soon as the property is yours.

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Have a Work Schedule Time is money! You want to be working from day 1, once you've closed on your property. The market can change and you have carrying costs to consider too. Have a schedule of work which includes every major activity necessary to complete the job. Be sure to consider if one job needs to be complete prior to another startingand take special care to make sure you have enough lead time for placing material orders. A major source of delays comes from not having the material you need on the job. Then monitor and stick to the schedule!

Do-it-yourself or Hire Out Another typical mistake is trying to keep expenditures down by doing work yourself instead of hiring a subcontractor. When considering this, take into account not just the actual cost difference but also the time it will take. Some jobs can be done almost as inexpensively by a sub and the job can be completed in a fraction of the time. This frees you up to do another task and gets the job completed sooner. Sometimes this can be the difference in getting on the market during the prime selling season or not.

We Can Always Drop the Price When putting the house on the market the best thing you can do is price it correctly. Giving yourself too much negotiating room will reduce the number of buyers who will see the house. Again, the goal is to get the best price as quickly as possiblenot to drag out the process for months until the house is stalepaying carrying costs all the while. The first few weeks are when you are likely to get your best offers anyway.

Take the Money and Run The last common mistake (and this is common to all sellers) is expecting that somehow you're going to get a higher price than the market value of the house. A seasoned investor knows that pricing the house right is likely to get the best response. Barring unusual circumstances, whatever the offers are at that point will likely be the highest you can expect. Whether you're making money, losing money or breaking even, hanging in there "hoping" for something better is only going to make the financial outcome worse.

Of course these are only guidelinesyou can do everything wrong and still make money, or do everything right and still lose money. But preparation, good project management and disciplined decision-making give you the best chance for a successful house flipping experience.

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Posted in Landscaping Post Date 09/03/2019


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