Do you think it's possible to rehab a property flip with a small
budget? The answer is "Yes." It's extremely possible as long as you
understand how to get the most bangs for your buck.
The most important thing when it comes to a property flip is you need to know who your buyers are. Understanding your buyers will allow you to focus on key factors a new homeowner might find appealing.
Let me explain...
There are three major parts of a property flip you should always focus on with great detail. They are the kitchen, the bathroom, and the master bedroom.
The kitchen, bathroom, and master bedroom are the three main areas the homeowners will be spending most of their time in and if it doesn't stand out, you can bet you'll have a much harder time doing a property flip.
If you're considering a property flip on a small budget, why not focus on these three area's of the house.
Here are a few tips that will save you a ton of money and yield you a great return on your property flip.
Kitchen: always look at the big picture. Ask yourself this question? Could I keep the existing cabinets by simply adding a fresh new coat of paint. If your existing cabinets show sign of decay or damaged beyond repair then go to your local hardware store and buy the already made cabinets. The cost per cabinets is cheap and they look awesome once installed.
I know you've probably watched a dozen or so flip shows on T.V. and they spend upwards of $30,000 to $40,000 in property rehab. This is not necessary. Save what you can save as long as it's not outdated or damaged beyond repair.
Use granite tiles for your counter tops instead of purchasing a whole slab, it's cheaper and it still looks great.
I use this technique with all my middle-income real estate flips and I've never had a complaint.
Bathrooms: Depending on how old the tub and sinks are, you could probably use a tub and sink resurfacing company to come in and repaint the entire thing. If either needs to be replaced because of rust or damage beyond repair, you can find brand new finished tubs and sinks at your local hardware store for less than $200 and the plumbing fixtures are inexpensive as well.
Adding a shower tile back-splash will add a crisp clean look to your bathroom which will go well with your homebuyers.
Always change the toilets no matter what. I find it's more appealing to the homebuyers if they know their getting new toilets.
Master bedroom: Use neutral color paint through out, install new carpet, and if possible add a new ceiling fan with lighting.
If you follow these simple steps for your property flip you can deliver a great looking property with a small budget.
The most important thing when it comes to a property flip is you need to know who your buyers are. Understanding your buyers will allow you to focus on key factors a new homeowner might find appealing.
Let me explain...
There are three major parts of a property flip you should always focus on with great detail. They are the kitchen, the bathroom, and the master bedroom.
The kitchen, bathroom, and master bedroom are the three main areas the homeowners will be spending most of their time in and if it doesn't stand out, you can bet you'll have a much harder time doing a property flip.
If you're considering a property flip on a small budget, why not focus on these three area's of the house.
Here are a few tips that will save you a ton of money and yield you a great return on your property flip.
Kitchen: always look at the big picture. Ask yourself this question? Could I keep the existing cabinets by simply adding a fresh new coat of paint. If your existing cabinets show sign of decay or damaged beyond repair then go to your local hardware store and buy the already made cabinets. The cost per cabinets is cheap and they look awesome once installed.
I know you've probably watched a dozen or so flip shows on T.V. and they spend upwards of $30,000 to $40,000 in property rehab. This is not necessary. Save what you can save as long as it's not outdated or damaged beyond repair.
Use granite tiles for your counter tops instead of purchasing a whole slab, it's cheaper and it still looks great.
I use this technique with all my middle-income real estate flips and I've never had a complaint.
Bathrooms: Depending on how old the tub and sinks are, you could probably use a tub and sink resurfacing company to come in and repaint the entire thing. If either needs to be replaced because of rust or damage beyond repair, you can find brand new finished tubs and sinks at your local hardware store for less than $200 and the plumbing fixtures are inexpensive as well.
Adding a shower tile back-splash will add a crisp clean look to your bathroom which will go well with your homebuyers.
Always change the toilets no matter what. I find it's more appealing to the homebuyers if they know their getting new toilets.
Master bedroom: Use neutral color paint through out, install new carpet, and if possible add a new ceiling fan with lighting.
If you follow these simple steps for your property flip you can deliver a great looking property with a small budget.
Mauricio Lopez lives in Las Vegas, Nevada - and is a full time
Real Estate Investor - Has successfully flipped over 50 homes and
counting. Mauricio Lopez has been an active real estate investor since
2006.
Mauricio's coaching have helped several newcomers successfully start their real estate investment dreams and earn $20,000 to $30,000 in as little as 90 days.
Mauricio's coaching have helped several newcomers successfully start their real estate investment dreams and earn $20,000 to $30,000 in as little as 90 days.
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