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Updated about 12 years ago on . Most recent reply
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What is the most difficult part of fix and flipping?
I've been teaching people different techniques of flipping houses and I was curious to see what challenges most new and experienced investors face these days when rehabbing and flipping properties. I want to be able to mentor my students to the best of my abilities and so the more knowledge I can share with them the better off they will be. I truly appreciate your time and answers.
Please answer this question: What is the most difficult part of doing fix-n-flips/rehabbing properties?
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1. Analyzing Deals. Too many new investors fail because they paid too much, at which point there's not much you can do to get back on track.
2. Inspections and Scope of Work. Without knowing how to inspect properties and properly prepare an SOW, there's no way to accurately estimate your renovation costs (and therefore can't know if it's a deal or not).
3. Estimate Rehab Costs. 'Nuf said.
4. Manage the Closing Process. Too many new investors do everything right, up until they get an offer. They then find the closing dragging out, buyer not getting financing and deals falling through. Knowing how to ensure the closing goes smoothly and quickly the FIRST time is essential.