Get a Fixer Upper!
Should you get involved in the fixer-upper market?
If you’re thinking about getting into this lucrative market, it’s a good idea to have a reliable contractor in your back pocket. Although the typical fix and flip repairs/spruce-ups are minor, i.e., ones you can perform yourself, you could run into some issues like electrical, plumbing, and heating/cooling systems. These systems are expensive to correct and can hurt your return on investment. Other areas to pay close attention to are roofing, foundation, and structural integrity. Try to find fixer-uppers with simple “cosmetic” problems. With your a reliable remodeling or contractor company, use the following procedure to turn over your investment:
l Order a dumpster for the next ten days and get your demolition man to throw out everything.
l After the house is cleared of debris, it’s time to patch and paint. Use the airless paint spraying equipment inside and out with quality paint. Within three days, you’ll have added a huge improvement to your investment. This is the biggest dollar-for-dollar return you can make.
l After the painters leave, the flooring guys can lay tile and carpet, which will take two to three days.
l Next bring in the cabinet installers and handyman plumber.
l Last comes light fixtures, vanities, toilets, sinks, doors, switch plates and outlet covers.
All of this can be done in 10 days! Get an appraisal to determine how successful you were in being able to flip it or rent it.