10 Things To Know About Fix-N-Flips

Fix-N-Flips are great but could also be a deal breaker. There are a lot of important ways to go about them. I have just finished one is Mesa, AZ and what I can tell you could possible stop you from making the same mistakes! Should yo do them? Heck Yes. They are fun if you like a little bit of physical labor but the emotional rewards are just as good. So here are the things to keep in mind:

1) Always always always pick the house based on location. Go around the neighborhood to see if there are reputable school, malls, golf courses, parks, corporations buildings and a little one is Wal-Mart.

2) After you find the location. Triple check your numbers. Always include room for error. There is always something you didn't think about.

3) Be honest with yourself. How much work AND time are you actually going to fix the property yourself?

4) Go to Home Dept or Lowe's near the property to get a price list. Check it with your estimate. Also, buy coupons online that give you a 20% discount. They are heap when you buy a new A/C unit or something of mas quantity.

5) Hire contractors by the job. Not by the hour. Always get the to sign a contract of what they are completing and for how much. Also check online with your local Registrar of Contractors to see if they are licensed.

6) Always get a new A/C unit if you are in the summer time. Some people just don't think about the negatives about the house when they hear that.

7) Always expect everything to go wrong. This one was big for me. Everything that I fixed or was improving always seemed to have another problem. If it wasn't that the dishwasher I installed didn't fit correctly under the new kitchen counter tops or that the light switches didn't seem to work after replacing them. Be prepared to look up online or call a handy man friend a lot. Just don't start the conversation with "How the heck do you..." because they didn't put you in the situation.

8) Don't push yourself to hard. Set a goal or goals for the day. Don't start at 6am and go to midnight because you will eventually run out of energy. You will always get behind schedule at some point.

9) Always get opinions from friends and neighbors about the house. What your doing wrong and what your doing right. They could be wrong but you would rather reap the benefits of them being right. I know this is "your" house but the person who buys the house is usually a female. So tailor it to how a female would like it. Don't paint it pink. If you do, your asking for it.

10) After all is said and done. The most important one is to always sell it below the FMV (fair market value) if you can do that and make a minimum or $30,000 then you my friend have made a good deal for you and the home buyer.