Alright, so the multitude of TV shows about home flipping have worked you into a massive money inspired home renovation craze. No problem, just stop frothing at the mouth over the prospective money and realize that some REALLY careful planning is required to make this process work for you. On the TV shows of course the homes are going to be purchased, after all, they have featured on a national TV show right? Nothing will attract buyers and interest like a bunch of television cameras.
So without national TV coverage you are going to have to be smart about home flipping. Start planning long before you even look at homes. You should have the whole process outlined and the funding in place before you even make a preliminary offer on anything, Now, when considering how the repairs and renovations to the home will be made.
If you are doing them yourself, make sure that you have enough time built into the schedule to allow for the completion of everything you need to do. If you are contracting the work, make sure that you have quite a few bids and take the one that can guarantee their work and their end date. Nothing is worse then having contractors put your job off to finish others. You should be able to agree on a finishing date for your project, in fact, you should write it into the contract that you will have with the builder.
Stick to your plan as the renos progress, maybe try listing the home earlier on in the process. It is possible to get good offers before the upgrades are complete. Remember that your bottom line has to justify the time, effort and money that you have put into the home. If it does not, you will operating at a loss and the whole point of this process is lost. Try to plan out your total expenditures ahead of time so that you know what you need to make on the sale to turn a profit. Keep a target number in mind for your profit and do whatever it takes to achieve it.
