Don’t let these common mistakes get in the way of a profitable project.
A fix and flip project has great potential to be a good financial investment, so every mistake has big consequences. You can make fix and flip projects fun again when you leave these mistakes behind.
Making Unnecessary Improvements
One of the fastest ways to shrink your profits is going overboard with renovations and improvements. Working on big fixes and cosmetic touches can slowly eat away at your budget and take valuable time.
Prioritize your improvements so that important matters are taken care of first. Boost curb appeal with lawn and garden touches or using cleaning products to give the property an attractive smell. A pleasing color scheme can really go a long way too. These options don’t cost much, but help to speed up the purchase process.
Avoiding Networking Opportunities
You might think that you can do this fix and flip project all on your own and then keep the lion’s share of the profit. This strategy will only hurt you in the end with bigger costs and extended timelines.
Go to networking events and talk with other investors. Get their recommendations for planning and choosing contractors. Don’t be afraid to ask questions online and make contacts in the construction and real estate industries. What you learn from them will be very valuable.
Using a Capital Provider That Doesn’t Have a Proven Record of Success
At first, going in on a fix and flip project with your business associate, family member, or friend can seem like a good strategy. In the end though, big financial decisions and a quick project timeline can mean stress and problems you didn’t anticipate.
Stick with trusted capital providers for your fix and flip project. Let their experienced staff handle the largest share of investment and you’ll make your profits without the headaches. A capital provider with thousands of successful projects and a dedicated staff is what you should be looking for.
Capitalize on Properties Faster by Avoiding Common Mistakes
Gorilla Capital’s Fix and Flip Program is the best way to avoid common mistakes like these. Work with them and start experiencing the benefits of their experienced and dedicated staff. Start by reading more about the program and talking with them today.