Episode 28: 4 Important Steps To Fix & Flip Success
Fixing and flipping real estate has become more and more popular. There are tons of Reality TV shows hyping the drama of flipping mistakes, contractors and unforeseen real estate nightmares.
Not to fear, tune into to this podcast of “How’s the Market: Real Estate. Real Answers” with Nancy Braun, host and owner of Showcase Realty along with by Wes Pruitt with Reliance First Capital and contractor Jim Potter with Old Towne Development Corporation to talk about the four important steps to fix and flip success.
Fix and flip means to me investing in real estate instead of investing in the stock market or your IRA, or other 401K plans. Take some of that money and diversify it and put it into dirt and some, not just land but also you know, some construction whether it’s commercial or residential. – Nancy Braun
When you take a house and turn it into a gym, and you remember you took pictures, you remember what it used to look like and you see it now, and it’s just a, you know, makes for a real satisfying endeavor. – Jim Potter
Conventional loans, Fannie Mae also has several programs available for first time homeowners as well as investors. For home improvements on properties to fix and flip, there’s a tremendous amount of opportunities, a lots of money available to do that. – Wes Pruitt
Communication is really the key. The client really needs to explain to the realtor what it is they’re looking to accomplish. That way you’re both on the same page and you can really get the best of both worlds that way. – Wes Pruitt
Budgeting is critical to the process of renovating the house that you’re gonna sell because you have a price in mind that you wanna sell that house for and you probably can’t go much higher than that. So you have to make sure that what you’re gonna spend on the house that you’re gonna buy is not gonna be certainly any more than that and you want to have a profit margin in there so you have to allow for that. – Jim Potter