Are you thinking about investing in real estate by flipping houses? If so, then make sure you read this blog post to discover the most expensive blunders that house flippers tend to make… here are 4 mistakes investors make when house flipping in Eugene…
Flipping real estate can be highly lucrative… if you do it right. However, if you don’t do it right then it could end costing you a lot of money, time, and frustration. We’ve got you covered! We’re sharing 4 mistakes investors make when house flipping in Eugene so you can avoid these blunders and improve the return on your investment.
House Flipping Mistake #1
If there’s one thing that every flipper learns pretty quickly it’s that you can never prepare for everything 100%. Brand new flippers often forget to “expect the unexpected.” For example, you can look at a property, assume it looks great, and then discover that there are termites. Or you might tear up a carpet and find mold. While troublesome, these problems aren’t the end of the world but for investors who aren’t prepared for them, they can be a costly shock. So avoid this mistake by anticipating additional problems into your project plan, timeline, and budget.
House Flipping Mistake #2
Another mistake flippers make is to hire the cheapest labor possible. Rather than hire qualified professionals, flippers try to pad their profits by hiring any warm body. The problem is: cheap labor can actually be more expensive because they take longer and their work is not always up to the right standards (so it may need to be redone). Always remember to get the necessary permits when needed, this may help alleviate any issues once the property is listed. Avoid this problem by hiring experienced tradespeople. You may spend more up-front but the work will be done right — quickly and the firsttime.
House Flipping Mistake #3
This is the problem that flippers are simply not even aware that it happens, but it does happen! It’s easy to become emotionally involved in the flip to the point where you forget that you are investing in a property for someone… and often what happens is, the flipper starts making renovation and decoration choices that THEY prefer (versus decisions that are cost-effective and will help to sell the properly quickly). To avoid this mistake, set a firm renovation and decoration budget and continually remind yourself that your goal is to create a house that can be sold at maximum profit. We suggest following industry standard templates in which the market place shows us what is the going trends. This helps for a fast sale.
House Flipping Mistake #4
Newbie flippers acquire a house and do all the heavy lifting to fix up the property, and then they make the mistake of assuming that the sale of the property will be easy. In some markets it might be easy but in other markets that’s not the case! Avoid underestimating the effort required to sell and instead, prepare yourself for investing some additional effort in finding buyers. Don’t forget that holding costs can and DO add up, thusly eating up profits.
Flipping houses can be fun and profitable… or it can be frustrating and problematic. But when the circumstances go south you can still be profitable with your house flipping in Eugene because you have someone on your side with the experience and expertise to guide you along.
We are the friendliest Sharkz you’ll ever encounter!
Here are a few Sharkz Systems that you can implement today to help give you peace of mind when flipping your next house.
⏰ Early Exit Opportunity (EEO)
With our Early Exit Strategy we provide you a fair market offer prior to you listing your rehab project for maximized risk deterance and extreme listing/closing cost savings. No real estate agents necessary saving you tens of thousands in commissions and fees.
🆘 Emergency Exit Strategy (EES)
With our Emergency Exit Strategy we provide you an immediate exit solution by purchasing your flip and closing your hard money/private money loan to stop unwanted holding costs and default. No real estate agents necessary saving you tens of thousands in commissions and fees.
🏠 Keep Your Flip (KYF)
With our Keep Your Flip strategy, we provide you a pre-qualified, ready to move in lease option opportunity from our well-vetted rent-to-own database, while only charging a small fee at transfer. Once again no real estate agents necessary saving you tens of thousands in commissions and fees.
🤝 Partner Your Flip (PYF)
With our Partner Your Flip, it’s simple we partner together by purchasing the rehab project as a joint venture, and we take 50% cashflow and deposit for our lease option tenant placements. You guessed it, Once again no real estate agents necessary saving you tens of thousands in commissions and fees.
⏳ Slow Flip It (SFI)
With our Slow Flip It strategy, being a wise investor could not be easier. Simply put, you the investor gets pre approved with your preferred lender and have a downpayment of 10-15% ready to go. We come in with a tenant buyer who then picks out a house they want to buy, they contribute a downpayment of 5-10% to you the investor and you buy the property. You own the property without the hassles of the typical landlord experience’s. And one last time, again no real estate agents necessary saving you tens of thousands in commissions and fees. Pretty cool!
Our team focuses on building relationships with everyone we meet, if it be homeowners or investors we’re always providing an exit strategy that’s a WIN-WIN for all parties.
Our ultimate goal with every client is to reduce the burden with clarity and easy processes.
The Flip Sharkz understand that the real estate investment business is stressful so we ALWAYS implement the best SYSTEMS to reduce the HEADACHES and UNCERTAINTY.
OUR FLIP SHARKZ PROMISE:
- Stellar Support & Response Time
- Only Necessary Paperwork Ever (O.N.P.E)
- Always Protect Your Privacy & Data
- Be Open To Your Family Situations
- Provide Help Wherever We Can
- Point You In The Right Direction Whenever We Can’t