Amy has worked with several investors to find the right fix-me-upper. Here are some keys points of interest.
1. Today's buyers are savvy!
If you are charging full retail for your flipped real estate property, it must be mechanically sound and look great! The floor plan should have a nice open flow and the kitchens and baths must be totally updated to retail grade, not rental grade. The house's exterior should reflect the updates on the interior with nice landscaping and eye-popping curb appeal.
(do not react) to the inevitable bumps in the road when real estate flipping. Know that things will go wrong. It is how you react to those things that go wrong that counts when real estate flipping.
The way to make the best profit on any real estate deal is on your way into the deal. If the seller won't sell at the price you need for your desired profit, walk away.
4. Curb appeal is everything!
As a rule of thumb, be prepared to allot 8-10% of your real estate flip budget for landscaping. If you’re going to spend $50K on your renovations, then you better plan on $5K for landscaping. If you follow this rule, you can usually expect a 2-2 1/2 times return on your real estate investment. Amy has seen the same level of renovations on similar homes while the one with the pretty lawn sold quickly...and the other sat on the market.
5. Keep it Simple!
Amy always emphasizes the phrase “keep it simple.” Don't go overboard on your landscape designs. Simple, clean and green is usually best.
6. Don’t be afraid to flip in a cold or flat market.
Markets don’t dictate profits, deals dictate profits. If you know how to get good deals, you can flip in any market!