Hi BP family, I wanted to share with you guys some of my Fix & Flip tips, as well as, open up a discussion for others to share their flipping secrets.
Here is my list to consider when you're fixing and flipping properties.
The first one, and this is for urban settings, buy a transit-oriented location. What that means is, buy a property located around a transit station or corridor with high-quality service, with good walkability, parking management, and other design features that facilitate transit use and maximize overall accessibility. These properties always appreciate and gentrify faster
The second tip, focus on bathrooms and kitchens. These are low square foot areas. You could spend a little bit of money, you could splurge on them, but those are the features and benefits that sell a fix and flip. Another thing to consider is kitchen cabinets. Base cabinets are less expensive than top cabinets so if you want to do open shelving on top cabinets it can save you some money and give some curb appeal to your project.
The third tip. When you're buying an investment property look for a property where you can add immediate value like a half bath, an addition, or a bedroom. These are going to push your ARV and you're going to want to talk to a local appraiser to understand how they're valuing these add ons.
The fourth and final tip is probably the most important one and is overlooked the most. Build a great team. This includes realtors, wholesalers, transactional attorneys, lenders, and good people around you that will help you succeed with your projects.
That's all the tips I have to share for today, what are yours?
