If you’re like most people, you hate waiting. You’ll do whatever you can to speed things up. When fixing and flipping homes, finshing fast is always satisfying.
Follow these 5 simple steps to finish your fix and flip projects effectively and on schedule. Keep in mind, these tips might not work for everyone and make not work for every project. But if you try to:
1. Use the same materials
2. Use the same finishes for every project.
3. Use multiple contractors.
4. Have a single point of contact.
5. Pay bills on time.
These rules will keep you on track for all of your fix and flip endeavors.
- Start with market research! Every market is different, so you need to have a good handle on the market you plan to flip in. You want to stay on track for each project and know how much to spend on a specific house. Decide where the best place to flip will be. Some areas $200,000 would be far too cheap, where in other areas $200,000 would be unaffordable
Compile a master supply list. Identify SKEW numbers for items you know you’ll need: from door handles, to bathroom mirrors to light fixtures.
Paint the interior and exterior of every house the same color. Use the same cabinet/counter top combination. It streamlines the whole process.
4. Whenever Possible, Keep Multiple Contractors at the House
This may seem obvious, but we keep as many contractors working at our houses as possible, at the same time. For example, there’s no reason an HVAC tech, plumber and electrician can’t all be inside your property working simultaneously.
5. Single Point of Contact for Contractors
Have all of our contractors call ONE person so things stay streamlined.
Stick to these tips; using similar materials in rehab and staging so you stay focused on your projects. Keep your contractors in constant communication. Pay on time. The more fix and flips you do, the more confident you’ll grow in the process.
Center Street Lending is a private lender providing real estate investors asset-based financing on qualified collateral. We develop long-term relationships with our clients and a majority are repeat customers due to our professional service and attractive loan terms. Contact Center Street Lending today to inquire after loan programs. Follow us on Twitter, @centerstlending.