Rental Property Investor · Bronx, NY · Member since 2019 · 46 posts · 6 votes
I’m from New York, NYC . I own one property now in Florida but this will be my first rehab and flip. Please tell me any advice, previous experiences with their first time, if you are from that area and can provide any insight. Any information small or large, please feel encouraged to share your knowledge. Thank you
Lender · Syracuse, NY · Member since 2016 · 165 posts · 92 votes
7y
@Fab Ragh You're on the right track turning to BP! I have the unique perspective of looking at 100+ flips a month. What I see that works:
1. Don't over rehab the place. Chances are the NYC fit/finish demanded by the buyers would turn a FLA flip upside down.
2. Get with the trends - Even if you are high end (WPB for example) be 100% CERTAIN that your design choices match the highest comps in the area.
3. Get in and get out fast. Time is literally money.
4. Add X,XXX to the realtor's recommended selling price. Your home *should* set a new comp for the area and not simply match a home that sold in the past - presumably not freshly rehabbed.
5. Please keep a journal/diary of your daily activities. One your next flip you'll thank yourself that seemingly innocuous notes will really save you time/money. Example: Frank Smith with WPB code enforcement at phone # XXX was fair, fast and a huge Dolphins fan. Or King's Concrete never showed for estimate.
6. Keep posting updates to social media. Your friends/family will appreciate it and you may even find a buyer!
@Fab Ragh You're on the right track turning to BP! I have the unique perspective of looking at 100+ flips a month. What I see that works:
1. Don't over rehab the place. Chances are the NYC fit/finish demanded by the buyers would turn a FLA flip upside down.
2. Get with the trends - Even if you are high end (WPB for example) be 100% CERTAIN that your design choices match the highest comps in the area.
3. Get in and get out fast. Time is literally money.
4. Add X,XXX to the realtor's recommended selling price. Your home *should* set a new comp for the area and not simply match a home that sold in the past - presumably not freshly rehabbed.
5. Please keep a journal/diary of your daily activities. One your next flip you'll thank yourself that seemingly innocuous notes will really save you time/money. Example: Frank Smith with WPB code enforcement at phone # XXX was fair, fast and a huge Dolphins fan. Or King's Concrete never showed for estimate.
6. Keep posting updates to social media. Your friends/family will appreciate it and you may even find a buyer!
Good luck!
Thank you for the advice and taking the time to respond.