Investing in real estate is an exciting way to make some additional money on the side, or even be the main source of your income. With that being said, you do need to have everything in place so that you can get your newly purchased house back to buyer-ready standards and successfully flip it quickly. Here are some key points to keep in mind that can help you avoid delays when flipping houses.
The Best Ways to Prevent Delays When Flipping Houses
Pay Close Attention to the Foundation
When you make your initial inspection of a house that you are thinking of purchasing, make sure to look closely at its foundation. You might even want to have an inspection done. Doing this will alert you to the possibility of the house needing foundation work. Because foundation companies are often scheduled weeks out, you need to secure their services as soon as possible. Since any necessary foundation work should be completed first when you are rehabbing a home, secure your chosen foundation company before you officially close on the home, if you can. This makes it possible to get them out to the house the very first day after you close.
Spring for the Permits
It can be easy to talk yourself out of getting permits for any work that requires them. After all, getting them can be a pain and might slow down the process of getting started on the work. The alternative to not getting the necessary permits, though, is that the house is red-tagged. Not only can the local government stop all work when it comes to the area that requires permitting, they are likely to halt all rehabbing projects that the house is undergoing. This can be both a frustrating and costly experience.
Do Your Materials Homework
Once you have your specs all worked out for the materials and other items such as appliances, do your research to make sure that your contractor can get what you want. Timeliness in delivery helps keep the project on deadline while reasonable costs maximize your profits. You also need to make sure you keep updated on your specs periodically. Prices can change, making certain brands unrealistic when it comes to your budget. Some models could be phased out, making it difficult for your contractor to obtain them, thus causing delays to the project.
Being proactive is crucial to your success as a real estate investor. Not only is this go-get 'em attitude key in getting the home that you want, it is also important when it comes to preventing delays so that you can increase your profits and reduce your turnaround time.