House Flipping 101: Dealing With A ‘Fixer Upper’ 100%
It’s no secret that house flipping can be a very profitable venture if adequately calculated, but it’s also wrong to assume that this process is in any way easy. It’s very simple to look at those making money from the property market and assume that they have it easy, as property seems not to be a thoroughly difficult job to attend to, an incubator for its own income, if you will.
Of course, those with experience would laugh at this statement, as it’s important to realize that house flippers have more direct contact with their immediate and temporary financial investments than any of us could recognize. Every decision they make could mean a difference regarding the dollar value they reap from this approach.
Some take on larger challenges than others. For example, there are house flippers who decide to purchase a ‘fixer-upper’ in order to purchase cheaply, and maximize their gains. As someone relatively new to the house flipping market, we hope to give you a chance to make the most of your investment like anyone else. Consider the first steps you may need to take within this situation:
Gut The Property
Gutting the property can often be one of the best means in which to start from scratch. With the best commercial waste team hired at your service, you can throw out large amounts of waste or rubbish in a small amount of time, as well as getting rid of any hazardous materials you may come across. Be sure to wear protective gear if partaking in this effort, because it’s not always guaranteed that the area has been declared safe.
Protect & Prevent
Protect the broken down home. This might mean setting up temporary fencing, or additional security locks. It’s important to consider this, because the home is now your investment, and unfortunately, run down or abandoned homes can be targeted by homeless people or those in a tough spot trying to find shelter, which is understandable. Additionally, animals may nest or find a means to make this their home, and so wooden protections against the doors or windows may be needed. While the home may not be the most beautiful residence you have ever seen, there’s no need for your investment to become further defaced.
Consider being conservative and careful in your design application. Take it step by step. It might be that you think a wall may be perfectly demolished in order to create an open plan design, but due to the fatigued nature of the house, applying any undue work such as this could cause an issue with structural soundness right now. Additionally, careful designs, such as thorough rewiring before managing orientations of rooms, trying to restore the weakness of a previous home application (such as safety problems or staircase issues) can help you update the home to a modern era.
You have your work cut out for you while pursuing this, but odds are you know that already. We hope this advice can help you on your house flipping journey.