Fix & Flip
Maybe you’ve watched the shows on TV about flipping properties or seen ads that say “We buy ugly houses”. These investors will buy a house that most regular home buyers won’t touch because the house has taken some abuse. Investors will then fix it up and sell it quickly for a profit.
If a property is lacking a certain “visual appeal”, and the owners lack the funds to fix it up, these particular homebuyer have little options when selling. If you’re creative and can see past the dead grass, stained carpet, or foul smells, then this strategy may be a good fit.
Things like fixing holes in drywall, replacing carpet, and applying a fresh coat of paint to a house will cost a few hundred dollars but will increase the value of a home by several thousand. Investors who fix and flip houses will find a $100K house with problems, buy it for $80K, put $10K in to fix it up, and sell it for $110K, pocketing a good $20,000.
Rehabs
Right now, at this very moment, someone somewhere in America is trashing their house. Why are they trashing their own house? Who knows…when life gets difficult some people’s first instinct is to beat on their apartment with a blunt object. More often it’s years of small repairs left undone that turn into very large repairs. The fact that someone is destroying their own house or letting it go to shambles usually indicates deeper problems, and these people generally aren’t in a position to pay the mortgage on their demolished home for very long.
When a house needs to be rehabbed, as opposed to fixed and flipped, it usually means that there is damage done to the house beyond simple cosmetic fixes. Often it means you need to repair roofs, reinforce the structure, or go into the walls and fix major electrical or plumbing problems. However, as with most things in life, the more problems a house has the greater the opportunity for profit. If you can bring a very troubled house back from the brink you can make some very good money.
The Right Tools for the Right Job
Based in Orange County, CA, Singer Construction has over 20 years experience building and remodeling homes. We work with investors helping them find, fix and flip their investment properties. Whether the house needs minor cosmetic improvements or extensive structural repairs, Singer Construction has the knowledge to help you make informed decisions about your next investment flip or rehab.
In addition to knowing how to add value to your investment property, we can also make recommendations on what NOT to spend money on. Novice investors will often get emotionally involved and over improve their flip houses. We can help you find ways to get the biggest “bang for your buck” without spending a fortune.
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