The best way to be a part of a successful fix and flip projects is to plan the right way. You’ll find yourself quickly overwhelmed and behind schedule if you don’t follow a clear plan. We’ve outlined five essential steps to help guide your project.
1) Review more than one property.
Finding potential fix and flip projects is an ongoing process. As you accomplish more successful projects, you’ll develop an eye for projects that could be profitable. Limiting yourself to only one property limits your potential.
Look into several potential projects and decide which has the most potential for profit and quick turnaround.
2) Check the property for the big fixes.
Work with an experienced and trusted contractor to create a list of the repairs and projects that will take the most time and money to fix. These are going to be the largest draws on your time, energy, and money. If the list is too long, the project might not be a good idea to undertake without assistance.
Organize the list of big fixes by priority so your team can keep accurate track of your project progress.
3) Make a list of smaller curb appeal fixes.
Many times, fix and flip businesses overlook the importance of curb appeal. These smaller projects can sometimes be overlooked in the larger scheme of things but their value is tremendous. Your list should include fixes that give potential buyers a good first impression.
Be sure to set aside enough time and funds aside for minor appearance improvements like landscaping and painting touch-ups and you’ll see a nice payoff.
4) Plan your timeline wisely.
A fix and flip project should never be finished in a hurry. If you haven’t adequately planned a timeline for your project you could find your team making mistakes and overlooking the essential aspects of your project. This is where your list of prioritized improvements will help your planning.
Sit down with your team and plan out a timeline that’s both comfortable and efficient. A good timeline keeps everyone involved and motivated but doesn’t cause mistakes due to rushing.
5) Find a reliable and experienced funding source.
The key to a profitable fix and flip project is working with a financial lender that has a successful track record. The Fix and Flip initiative at Gorilla Capital is giving businesses new abilities to seek out and finish profitable projects. Their extensive customer service and dedicated experience are gaining national attention.
To learn about how Gorilla Capital can cover 90% of your acquisition costs and help guide you through the fix and flip process, check out their Fix and Flip Calculator and fill out a program application today.