27 Feb Flip this Apple Valley House, a Great Before and After Story…
One of my clients has been quite successful buying, renovating and reselling homes.
Would you like to flip this Apple Valley house? My clients have completed 3 in the past 8 months. Their success and profitability buying and selling homes South of the River can be attributed to several factors.
- Purchasing the right home at the right price to begin the project. Location is still a key factor in selecting the home. My firm belief is to stay clear of any home in a compromised location, including those backing to busy streets, in a neighborhood with numerous foreclosures, or in close proximity to commercial property, high voltage lines, etc.
- Negotiating well with the Banks while making the initial purchase. This doesn’t always mean getting the lowest price imaginable, it’s important to get a good value, but if you try to get the absolute lowest price it usually leads to multiple offers and you jeopardize getting the property.
- Careful Analysis of work to be done and the costs for both materials and labor. My client’s philosophy is to nicely renovate the entire home without going over the top on any one apsect of the home. This has proven very wise.
- Organization and Decisiveness are so important. The home shown below was purchased in October. While waiting for the closing to take place, all items were priced, selected and planned, but not purchased, just in case it didn’t close. On the day of closing, the shingles were ordered, the kitchen cabinetry, appliances, windows and doors all ordered. The roof tear off began 2 days after closing and work never stopped. The home was completed in 3 months, sold in one month and closed in 30 days.
- Care and sincerity are also part of the success. It is important to carefully access the home, make all necessary health, safety and code update repairs and not to skimp on the quality of the workmanship, installation techniques or attention to detail.
If you are interested in this type of investment strategy, give me a call, or sign up for our Best Investment Opportunities Weekly Email, availabe in the Investors Corner.
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