Flipping Houses With No Money Down by Edward Day

Author:Edward Day
Language: eng
Format: epub
Tags: passive income, investment capital, real estate, stock market, crash course, Investing
Publisher: Edward Day
Published: 2020-07-06T00:00:00+00:00

How to Renovate Your Investment Property

Many house flippers have dubbed renovating their favorite part of the process, and it’s easy to understand why. This part of the process allows you to harness your creative energies in an attempt to create, not only your potential buyers’ dream home, but the home you’ve been dreaming of too. While it’s important to make the kind of changes that you’d like to see made in a property, it’s more important to be mindful of the kind of changes that will increase the value of the property and attract potential buyers.

The first step is to take a look at the other houses in your investment property’s neighborhood. This will give you a good idea of the improvements that you need to make in order to bring your investment property up to par with the rest of the homes in the area. For example, if all of your property’s neighbors have swimming pools, you should strongly consider having a swimming pool installed to make your home just as attractive to buyers as other homes for sale in the neighborhood are.

The second step is to ensure that the house looks appealing from the street. First impressions matter, and if you don’t make a good one with potential buyers, they might subconsciously decide not to buy your property before even having the chance to view its interior. Scientists agree that first impressions are normally created within seven seconds. This means that you have seven seconds from the time that potential buyers first lay eyes on your property to wow them. There are a few simple things that you can do to improve how your property looks from the street, but your go-to improvements should be to keep the lawn trimmed (and green), to trim and shape any hedges or bushes, to replace the mailbox, to add some shutters to the property’s street-facing windows, to repaint the front door a quirky color (perhaps to match the shutters you’ve just added), to install some outdoor lighting, to plant some flowers that are colorful and in bloom, and to replace the front door’s doorknob. You might also want to consider repainting the exterior of the house if its current paint job has started cracking or flaking off. Nobody wants to live in a scaly house.

The third step is to upgrade the property’s bathrooms and kitchen. The extensiveness of your upgrades will depend on how much money you can justify spending on them while still maintaining a reasonable profit margin, although a survey conducted by US News found that you should expect to spend about $10,000 to entirely revamp a single bathroom, and about $16,000 to entirely revamp a kitchen.

This might sound overly pricey but it’s important to remember that bathrooms and kitchens rank high on buyers’ priority lists, so putting some extra effort into them generally pays off. If at all possible, you should consider having a standing shower with amenities like a bench and a massage shower head installed as

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