If you are looking for a real way to make money, you might be thinking about flipping real estate. However, you might be afraid that you will lose all of your profits by paying someone to fix up the homes that you purchase. This can leave you thinking about doing a lot of the work yourself, which can be a smart idea for many investors.
It's true that you can save a lot of money by making your own repairs when flipping homes, but this is easier said than done if you don't have a lot of repair experience. This does not mean that you have to give up your idea of flipping houses by doing as much of the work yourself as you possibly can. Luckily, there are a few tips that you can follow to make your dream of DIY-ing your house flipping projects come true.
1. Look for Homes with Easier Fixes
One thing that's important to do is to look for problems that will be reasonably easy to fix. Don't get deceived by looks when evaluating potential purchases. A home that looks great might be much more difficult and expensive to fix if it has electrical problems, wiring problems or foundation damage. Alternatively, a home that looks like it's going to be a nightmare to fix might be pretty easy if all that it needs is a good clean-up and some cosmetic work, such as repairing the floors and painting. Learn what to look out for and which problems are more expensive and more difficult to fix than others. Then, you won't have to worry about ending up with a home that you won't be able to fix without spending a lot of money.
2. Consider Taking Classes
Have you ever thought about taking construction classes? You don't have to go to school for a degree or anything. Instead, you can take continuing education classes that will teach you about things like painting, flooring, installing drywall and more. These classes are often held at local community colleges and can even be given at home improvement stores.
This can help you take your investing to the next level because you'll be able to do more work without hiring anyone, particularly if you take several classes at a time. Plus, you'll have solid knowledge that you can use on both future flipper homes and your own home. After your first class, you might find that it's worthwhile to take even more classes in various types of home repair; then, you will be able to fix more and more things in your flippable houses without having to hire a professional and pay high labor costs.
3. Use Convenience Products
If you haven't done any remodeling lately, you might not be aware of the many convenience products that are out there. Take a walk around your local home improvement store, and you might be shocked by the great results that you can get while doing the work on your home yourself.
For example, you can buy press and stick flooring, flooring that snaps together and stickable backsplash tiles, and you can buy different types of paints that can be used for everything from painting counters to restoring bathtubs. These convenience products are generally easy for beginners to use if you follow the instructions, and they can allow you to make a big impact in the homes that you flip without having to hire a pro.
As you can see, flipping properties is entirely possible without the need to hire an expensive construction crew. If you need help with borrowing money for your fixer upper projects, contact us at Center Street Lending today.
Center Street communications are not intended to provide business, legal, tax, investment or insurance advice. No Center Street communication should be construed as a recommendation for any business or investment strategy by Center Street or any third party. You are solely responsible for determining whether any investment, investment strategy, business strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.