Buy fix and flip properties for cash profits fast
Are you ready to take action and get ready buying fix and flip homes for a profit right here locally in Minnesota?
I have investor friends who have done 20-60 fix and flip homes and have made many mistakes, which include losing lots of money, like thousands of dollars over the years and these investors, who are now experts, can teach you how to do the process right and create the right systems to prevent you from making the same mistakes that they made in the past.
You don’t want to make the costly mistake with money of hiring the wrong contractors, general contractor or subcontractor.
Many contractors don’t manage their budgets well, they don’t manage timelines correctly, or manage or pay subcontractors very well.
One challenge as a new investor coming out of the real estate seminars that you’ll have is trying to figure out accurate estimates for repairs.
The challenge is that many of the best contractors are very busy on job sites and they may not have time for free bids.
New investors like to drag contractors around town showing them Minnesota homes that they have interest in, but need their expertise on estimates.
The investor doesn’t own the home yet, may not qualify for financing and the investor may still be comparing prices with many other contractors making them compete on price.
Estimating repairs on kitchens, bathrooms, foundation, carpet, paint, landscape, driveways, concrete, unfinished square feet, egress windows, unfinished basements, ceilings, steps, decks, windows, roofs, siding, gutters, soffit, fascia. There is so much to understand the pricing on and as a new real estate investor you can’t be an expert on all of it, so working with a skilled mentor rehab investor, agent and mortgage person is important for your next Minnesota property. Also you have to think about the inspection of the buyer and the city and their inspector and All of the costs of bringing the Minnesota home up to code.
There is so much to learn about fixing and repairing minnesota properties from process to systems. I’ve had friends working on 9 to 26 minnesota rehab homes at a time with good daily processes and systems their company.
ARV (After Repair Value) of the Minnesota property
After learning how to estimate repairs , it’s also important to know how to figure out comps for your Minnesota neighborhood for your fixup rehab home that you’ll be buying.
Getting very accurate on this ARV number is very important because you could lose tens of thousands of dollars for being wrong.
For example a 3 bedroom or 5 bedroom is very different in pricing. A 2 story vs. a rambler are very different. Being on a busy street vs cul-de-sac are very different.One side of the street you are on of it’s a different school district. Is the house rehabber with top quality stuff, or does it still look like an average rental.
Is the house next to a railroad track, is there loud noise from traffic, are the comps within 6 blocks or did you find comps miles away? Which side of the highway? Are the other homes old and beat up or in a neighborhood of new construction and nicer homes?
When considering what the house will sell for will you be selling it in the spring or winter? Will the home have updated plumbing and electric and be fully up to code? This is where working with an agent on the sale of your property can really help as they are use to doing comps.
Rehabbing fixup homes mentoring in Minnesota
I have friends of friends in national masterminds that invest thousands of dollars into their education, that have done 150 to 200 rehab and wholesale deals in a single year in California just as an example. Imagine the precision, process, daily habits and systems to make that happen. let me know if you are planning on investing in real estate with rehabbing and fixing up homes in Minnesota and need a mentor so that I can introduce you.
There is so much to learn about budgets and timelines, estimates, ARV, comps and more.
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