Make Money on Fix and Flip Loans By Doing Stand-out Rehabs
As soon as you start working with fix and flip loans, you learn that time is money. At the beginning of your career with rehab loans, you may end up going more slowly than you will once you have a few rehabs under your belt. You’ll get used to working with contractors and making budgets that are realistic. One thing that some rehabbers forget is the final stage of the process: actually selling the property. We’ve got a few tips for you so you can sell quickly and at a profit and get on with your next project.
When you’re planning your rehab, make sure to have a few standout details. Neutrals are really big right now, but one beige and brown house looks a lot like all the others. Look around on Pinterest, Houzz, and other sites for inspiration to bring more color and interest to your rehabs. Tile with a neat design, elegant lighting fixtures, and paint colors that are timeless yet still on trend are all good go-tos. They’ll make your properties memorable without breaking the bank.
Make a Plan for Pricing Properties Bought with Rehab Loans
Don’t forget the exterior, especially landscaping on a house. It doesn’t have to be elaborate. However, a bed of flowers or even pretty potted plants will bring a lot of life and interest to the exterior. If there are trees that rub against the roof, get them trimmed, too. This is both an aesthetic and a safety issue.
Be sure to do a final walk through on the property and note down any small issues that need to be fixed. There should be light bulbs in all the fixtures, and light switches should work properly. Check the sinks and toilets, too. Be sure that painting around the trim is just right. The HVAC should be in working order, with new filters.
Finally, you must price the house appropriately for the market. Double check the comparable properties in the area. Resist the temptation to set the price just a little bit higher than the market. This can delay the sale of the property significantly, which ends up costing you more money on your fix and flip loans in the long run.
If you need to find a reliable and experienced hard money lender, contact LendingXpress. We’d love to partner with you in your real estate investing career.