DIY vs Hiring Contractors

 

Do It Yourself

DIY is a way to keep your costs down on your flip.  If you have the skills, and can do good work this might be an avenue to consider.  Bear in mind, the time you spend doing the work yourself is time you aren’t spending on finding a buyer, or finding your next investment property.  You have to remember that your work will probably be placed under close scrutiny by a home inspector.  If the work isn’t good, it will end up costing you money.  Any sub-standard work or issues found will result in the buyer asking for concessions on the sale price, or demanding the work be repaired or redone.

Hire a Contractor

If you are hiring a contractor, be sure to hire someone who is bonded and licensed.  Check out the contractor online for reviews.  Ask the contractor for references of people that he has done work for.  You may find contractors at home improvement stores such as Home Depot or Lowes, buying larger...

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Tips for Your Real Estate Flip

 

When it comes to flipping houses, Flip University co-founder Michael Owen knows his stuff!  In this video blog, he gives very useful free tips and advice on how to invest in and capitalize on your flip properties.

Tip #1

It is very important to know your numbers and local real estate market factors.  Your research begins well before the foreclosure auctions.  You need to have scoped out the properties you are interested in, and have done the math on the numbers including the bank value (minimum bid), square footage, cost per square foot, budget for anticipated repairs, comparative market values, and the after-repair value.  This will help you decide on the top dollar you should pay for a given property.

Tip #2

Be disciplined at the auction.  Do not let yourself get involved in the heat of the auction.  Do not bid above your researched top dollar value for the property.  Emotions and ego do not pay the bills -- disciplined research will help...

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