Regardless of how many investment properties you own or how experienced you are, time management is critical for if you’re a real estate investor. You simply can’t afford to waste time when it comes to keeping up with trending news, locating viable investments, finding prospects, vetting contractors, and reviewing vendors. Here are our top 10 time-saving websites for investors:
Selling your property is one of the most challenging aspects of real estate investing. In order to get a good ROI, you want to sell your property for the highest price and within the shortest period of time possible. This is even more important if you’ve financed the property with a hard money loan due to the higher interest rate and short loan term. Fortunately, there are several actions you can take to market your property to increase the chances it will sell quickly.
Contrary to popular belief, "inexpensive bathroom remodel" is not an oxymoron. It's entirely possible to save big when redoing a bathroom, especially when we avoid gutting everything right down to the studs. Instead, make the bathroom look nice by updating without breaking the bank. Nobody needs to know you did a budget bathroom remodel if you pay attention to the key areas below.
Whether you're selling a fix and flip or your primary residence, it pays to know what buyers are looking for before you start that remodel. Are home seekers looking for open concept, energy efficiency, a completely remodeled kitchen, or a nice outdoor living space? See the list below for 10 attractive features not to miss when renovating a property.
Kitchens and bathrooms are two of the first areas noticed by a prospective buyer. Using as many budget kitchen remodel ideas as possible ensures a good ROI (Return on Investment). Many fix and flip contractors will have inexpensive kitchen remodel ideas, but it never hurts to have a few extra suggestions on hand.
Real estate investors who don't proactively build relationships with building contractors can wind up out on a limb when a problem rears its ugly head. We can quickly find ourselves at the mercy of unscrupulous or agenda-driven plumbers, electrical contractors, roofing contractors, or other repair and construction pros. Cultivating these relationships early in a fix-and-flip or rental income business gives us valuable access to a contractor's experience when we need it most. A list of good building contractors provides added safety, and ultimately saves us time and money. Good contractors also come with insurance and provide warranties on work. The key takeaway here is: source them now before you need them to bail you out.
Regardless of how tight the housing market is and whether there is an inventory shortage, the fix and flip equation remains the same: Find a property, rehab it well, and sell it at a profit. So while initial investments are likely to be higher, the potential profits should be correspondingly higher—and ultimately, that’s what will convince lenders to finance your projects.
With all of the work and expense to make the fix and flip project a success, it really comes down to making it stand out in the crowd. There is a balance between leaving some open room for customization for the buyer, and having a move-in-ready turnkey project. As far as staging a property goes, here are a few ideas to work toward for the open house:
The high expense areas of fix and flip or rental renovations need the most attention. Repair or replacement of roofing materials, exterior coverings such as vinyl siding, plumbing and other infrastructure repair, and flooring are among some of the most critical and expensive.
To save money on electrical fixtures, use the tips below. Buying it yourself, buying quality, buying wholesale, buying locally, and paradoxically buying more expensive wiring are all great ways to save real money on electrical products. See below for a list of tried and tested vendors, too.