Top Tips for Flipping Homes

Published on: 01 May 2018 Last Updated on: 21 January 2020

House flipping is buying and selling houses to make a fast profit. If you are just starting to think about going into the home-flipping business, you need to start small with an entry-level house that doesn’t need a great deal of work to make it saleable and then move on from there. If you have taken half an hour to watch any house flipping show on television, it seems like it would be pretty simple to buy a house for a small price, fix it up a little with some fresh paint and a few repairs and sell it to make a fortune or even buy a home that is in great condition, wait a few months and resell it for more than you paid. In real life, however, it just doesn’t go as smoothly as you see on tv.

It’s a good idea to gather a little information before you start buying homes by flipping in mind. While the following tips for flipping homes won’t necessarily make you feel like you won the lottery jackpot overnight, but they can help you buy and sell homes quick while avoiding some of the critical mistakes others have made in the past.

Too Good to Be True :

As the saying goes, “If it looks like it’s too good to be true, it probably is.” When you are new to house flipping, you’re going to run across many deals that seem great only to find out they were a money pit. It’s not a wise decision to go after every deal you see, and lenders catch on quickly to those who will buy anything. If you want to make money on a flip, then you need to take time to research the home, the area it is in and make sure you have it thoroughly checked out to make sure you aren’t going to be sucked into a beautiful home with faulty wiring or poor plumbing that needs replacing. The less you spend on a flip, the more you will profit when you make the sale.

Bring Cash to the Table :

If you want to be able to buy a home quickly and have a short turn-a-round before you sell it, you need to come to the table fully prepared to go against those cash buyers who want the house. If you don’t have the cash upfront, then you need to make sure your credit score is high enough to go to a hard money lender and get the cash you need fast.

Curb Appeal :

Most people take time to think about what the tile in the kitchen looks like or whether the bathroom has the right lighting. Many people tend to forget about the outside of the home when they are trying to sell a house. The first thing a potential buyer sees is the outdoor space of the home, therefore, it needs to look nice! Be sure to have the lawn maintained, trees and shrubs trimmed and make sure the exterior of the house itself looks good. Peeling paint, broken soffit or damaged gutters can deter someone from buying a home even when the interior looks good. Curb appeal is what will get buyers into the home, so make sure your home has what is needs outside to entice people.

Know Your Market :

To flip a house successfully, you must know your market. To get a truly good feel for the market in your area, talk to a real estate agent who has many years of experience and can guide you to the right homes that will need little to no repair and will be priced right for the market. You need to know how to price a home accurately to sell fast and make a profit and if you pay too much for the home when you buy it, you’re not going to make anything when you sell it.

Renovate Wisely :

You must watch your budget when it comes to renovating a home. Considering installing beautiful hardwood throughout the house or remodeling the kitchen? These can be costly renovations and you’re going to have to be careful with the amount of work you put into things. If the house needs a new roof, then, by all means, hire a professional roofer to have a new one put on, but don’t sink $50,000 into renovations when you can get by with spending half that and still have a beautiful home to sell.

Once you have the home and the renovations have been completed, list it. Price the home lower than market value but not too low or you will lose money. The biggest thing is to market the home and do what you need to do to sell it fast. The shorter the time it sits, the more profit you are going to make.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Tenant Screening And Selection

Tenant Screening And Selection: A Crucial Aspect Of Property Management

Finding and selecting quality tenants is crucial for property managers. The success of your investment relies heavily on who you have living in your units. Proper tenant screening and selection help minimize risks and maximize returns. In this article, we’ll explore key elements of the tenant selection process. We’ll go over how to screen applicants, spot red flags, check references, evaluate credit, and choose ideal tenants. Let’s get started! Overview Of Tenant Screening Goals Thorough tenant screening serves several important goals: Identify responsible tenants who pay rent on time Avoid problem tenants who could disturb others or damage property Verify applicants are who they claim to be Evaluate the ability to afford rent based on income and debts Check backgrounds for any reasons of concern Select tenants who will follow rules and fulfill lease terms Screening is your chance to assess applicants’ qualifications and compatibility before approving them. Use it to gain a 360-degree view informing your leasing decision. The Role Of Property Management Companies In Los Angeles Real Estate Finding and retaining good tenants is crucial for property owners and managers everywhere, but tactics can vary by location. For instance, property management companies in Los Angeles have insight into tenant preferences and screening practices effective for the area. Factors like rental price averages, employment demographics, and housing regulations specific to LA impact local tenant selection approaches there versus other cities. While core principles remain constant, optimizing your tenant vetting process may involve fine-tuning your metro area. Components Of The Tenant Screening Process Comprehensive screening includes several key steps: Detailed Rental Application Have applicants complete a comprehensive rental application covering things like: Full legal name and contact details Social Security Number for credit/background checks Current and past home addresses Employer name, income, position, time employed Personal/professional references with contact info Bank account details for payment processing Vehicle information like make, model, year Emergency contact person details Any relevant remarks about qualifications, special requests, etc. Thorough applications provide a foundation of info to verify and evaluate applicants. Identity Verification Check IDs like driver’s licenses to confirm applicants are who they claim to be. Comparing names, photos, and addresses helps avoid fraud. Income Verification Verify income levels match what’s stated on the application. Request recent paystubs, tax returns, and bank statements as evidence. Income should adequately cover rent and other costs. Employment Verification Speak with the stated employer's HR department to confirm the position, dates employed, and salary. Beware if details seem shaky. Rental History Checks Contact previous landlords to check payment history, lease violations, damages, complaints, evictions, etc. Look for consistent on-time payments. Beware of frequent moves, evictions, or unpaid rent. Credit Checks Run a thorough credit check to verify your credit score, current debts, and any negative marks. Watch for unmanageable debts, court judgments, and bankruptcies. Background Screening Perform criminal and eviction record screening through approved channels to uncover any serious offenses or causes for concern. Personal Reference Checks Contact 1-2 references provided to assess the applicant’s reliability and character from people who know them. Pet Screening If applicants have pets, request veterinary records to confirm they are licensed and vaccinated. Also, verify breeds allowed per property rules. Be sure to follow fair housing laws throughout the screening process and avoid discrimination. Focus objectively on qualifications and ability to meet lease terms. Consulting Tenancy Databases Various rental industry databases help identify past tenancy issues reported by other landlords and property managers: Eviction Records Damage/Complaint Reports Rent Payment History Lease Violations Prior Evictions/Collections While costly, these databases provide an added layer of rental background insight from an impartial nationwide source. They can reveal serious red flags not evident elsewhere. Balancing Tenant Screening Elements Each screening component provides important pieces of the full picture. But avoid putting too much weight on any single factor. For instance, a low credit score doesn’t necessarily mean the person won’t pay rent reliably if other factors check out. And someone with an old petty misdemeanor isn’t necessarily high-risk if they have great landlord references. Consider the full scope - credit, background, income, rental history, interview impressions and references for a balanced decision. Don't let one element override others without due consideration. Strategies For Choosing The Best Tenant Picking the ideal tenant involves balancing several factors. The ability to afford rent is of course essential. Tenants need a stable income adequate to cover the rent plus other costs. However, also consider their income growth potential, not just current earnings. Look at their track record too. Do they have a solid history of paying on time, maintaining units well, following rules, and keeping good relationships with past landlords and neighbors? Consistency in meeting obligations predicts future behavior. Also assess their responsible character based on the full application, background checks, interview, and references. Do they seem conscientious, honest, and reasonable? Shared values matter for a good fit. While an imperfect credit score does not preclude someone, evaluate if they are actively managing income and debts responsibly regardless of past issues. Furthermore, consider lifestyle compatibility with the property and community. Will their habits mesh well? Similar priorities and standards make for an easier relationship. Avoid fixating on any single factor when choosing tenants. Seek those who balance financial ability, compatibility and character. This leads to positive partnerships that serve both parties' needs. Taking a big-picture view helps identify tenants who will be assets to your property and business. Setting New Tenants Up For Success Once selected, help tenants start strong by: Providing a detailed move-in checklist covering rules, contacts, procedures Clearly explaining policies before signing the lease to set expectations Assisting with utilities connections and community amenities access Offering a tenant portal or app for easy maintenance requests Following up after move-in to ensure satisfaction Proactive support fosters longer and happier tenancies benefitting all parties. Ongoing communication, responsiveness and periodic check-ins help too. Dealing With Rejection Decisions Carefully Rejecting applicants can be uncomfortable. But follows key principles: Be objective - based solely on qualifications, not personal factors Stick to facts - explain specifically how criteria were unmet Follow Fair Housing laws - no discrimination based on protected classes Maintain privacy - don’t discuss decisions publicly Respond promptly - let them know quickly so they can make other plans Rejection is just part of the screening process. Handling it properly avoids fair housing violations while preserving your business reputation. FAQs What Are The Standard Tenant Screening Fees? Typical screening fees range from $30-$75 per applicant to cover criminal/eviction checks, credit reports, reference checks and processing time. Some landlords charge slightly more for deeper screening. When Should I Require A Security Deposit? Requesting a security deposit equal to 1+ month's rent is common at lease signing to cover any damages and provide financial security. Make sure deposits comply with state laws. What Screening Practices Could Expose Me To Fair Housing Violations? Avoid discrimination based on protected characteristics like race, gender, religion, disabilities, national origin, or family status. Focus objectively on qualifications alone. If A Tenant Stops Paying Rent Suddenly, What Are My Options? You can issue pay or quit notices as a formal demand for payment. If they fail to pay after proper legal notice, you may proceed with formal eviction filings to reclaim possession. Key Takeaways Tenant selection has a huge impact on your investment's success. Screen diligently by: Reviewing detailed rental applications Running background checks Verifying incomes and employment Checking references thoroughly Interviewing thoughtfully Consulting industry databases Balancing all factors objectively This identifies responsible tenants who pay reliably, follow rules, and maintain properties well. Avoiding just a few problem tenancies through careful selection preserves your income and asset values in the long run. Finding ideal tenants is crucial, but takes diligence. A consistent screening process protects your investment and leads to longer, more positive tenancies for all. Invest time upfront to avoid major headaches later on. Your perfect tenant match is out there! The solid screening takes time but adds tremendous value. Your ideal tenant match is out there! Read Also: 10 Rights You Have As A Tenant That Your Landlord Won’t Tell You About Investing In Property Is Investing In Your Future


Best Essential Tips While Renting a Warehouse in Mumbai

If you are planning to sell physical products through your company, you might require an industrial or warehouse space. Buildings in Mumbai are all industry ready and usable for the purpose of warehousing as well as manufacturing. These big spaces can be used for the production of product or goods, storage, for distribution purposes, etc. Take a look at the essential tips for how to go about looking for, industrial space that includes what to do for how to find out the right space and to determine the renting needs along with the basics of industrial, commercial rentals listed below. What Is Your Best-Fit? Determining the commercial, industrial space needs : To determine whether a property is able to accommodate your business needs depends on the business itself. Space usually falls under one of the below-listed categories: Warehouse space. Manufacturing space. Flex space or a multi-purpose property. Each one of these industrial space has a different purpose. The work of a warehouse is to store the goods and most probably also do the distribution of the products. If you want to rent a warehouse in Mumbai, you should know all the consequences of leasing a warehouse. The process is too risky and fairly troublesome which is why you need to understand all the requirements for renting your warehouse. In places such as Mumbai, you need to keep in mind a lot of things before renting the space for warehouse purpose. When you look at the manufacturing space, you will understand that this is that space where one creates, build, and assembles all the goods and products. This type of space might be needed for special zoning or special types of construction depending on the manufacturing needs, for example, reinforced floors, high-volume power sources, or a specific type of ceiling height. A flex space is a mixture of a warehouse and a manufacturing space. It’s easy to manage your warehousing as well as manufacturing needs. You need to determine whether you are searching for a manufacturing space for the products, or storage space, or for packaging and shipment purpose or you need all the things to be done in one place. How can you locate the best property? To start with your search, right at the comforts of your home, check out all the online portals that offer you great deals when it comes to commercial properties. When you shortlist the property types that fit your business, you can take the help of online databases to make comparisons of the relevant properties that will meet your criteria while you rent a warehouse in Mumbai. Visiting industrial properties : Making appointments to see the commercial properties is the next step. A warehouse might be perfect online, but once you get through each of the properties, you will be able to know whether or not the properties meet your needs. If you want to stay organized, the professionals suggest that you keep the tabs of your preferred options of warehouses. The best way to do so is by creating a spreadsheet and mentioning all the details of the spaces you like. The bottom line : Finding and leasing a warehouse is certainly not a very easy task. However, it is a major step while establishing a successful business. Make sure that you take your time to get access to multiple properties and work with the real estate professionals to consider your options. This will ensure that you have considered the important steps while you rent a warehouse in Mumbai. Make sure it is the best for your business, and all your legal rights and assets are well protected. Read More : 6 Things You Must Know Before Selling Your Home Additional Ways To Keep Your Home Warm What Makes A Strong Foundation For Your Home

seattle property management

Enhancing Seattle Properties with Custom Blinds

Interior decoration is not only about aesthetics but also functionality. Several factors like functionality, aesthetics, attention to minor details, and theme together create a space that elevates the ambiance through interior decoration. In this article, we focus on enhancing the functionality and aesthetics of windows using custom blinds at Seattle properties. We highlight how custom blinds can elevate your overall Seattle property aesthetics, giving it a unique look.  This way, your space will get a comfortable and appealing visual that matches the surrounding interior theme. So, if you are looking to increase your Seattle property value with versatile aesthetics that appeal to your customers, try custom blinds in your interior design. How Custom Blinds Enhances Seattle Properties? Here's how custom blinds can enhance Seattle properties' value and aesthetics. Elevating Aesthetic Appeal Seattle is a testament to natural beauty with picturesque landscapes. You can enhance the beauty of your Seattle properties with Custom Blinds and Shades in Seattle that aligns with the natural beauty of the city. Using custom blinds that go with your interior design theme will elevate the aesthetics of your Seattle property. But when you incorporate your city's aesthetics with your property's interiors, this creates an elevated look.  This helps increase the property's appeal to potential customers, and therefore, you can increase the pieces of the property. Since homeowners can harmonize their property's interior decor with scenic outdoors, creating a pleasant look for their homes. Everyone looks for a home that's functional and aesthetically pleasing nowadays and has an individual touch. So, it's your duty as a realtor to create properties that align with your customers' views. Here's where you can use custom blinds in your Seattle properties to complement each property theme based on its owner's preference. You can opt for sleek modern or traditional custom blinds to suit the interior decor of Seattle properties. With versatile, customizable blinds, you can seamlessly integrate architectural design and decor themes of interiors. From expansive floor-to-ceiling windows to cozy alcoves, these custom blinds can be the perfect solution to elevate any space's visuals. You will ensure the sophistication, functionality, and aesthetic appeal of any property using custom blinds. Maximizing Natural Light Seattle's reputation for overcast skies underscores the importance of maximizing natural light within interiors. Custom blinds effectively regulate sunlight, allowing residents to strike a balance between illumination and privacy.  With adjustable slats or motorized controls, homeowners can effortlessly modulate light levels throughout the day, creating a comfortable environment conducive to relaxation and productivity. Enhancing Energy Efficiency In a city known for its temperate climate and commitment to sustainability, energy efficiency is a paramount consideration for homeowners. Custom blinds offer more than just aesthetic appeal; they are a practical solution for enhancing insulation and reducing energy consumption. By strategically selecting materials with insulating properties, such as cellular or honeycomb blinds, residents can mitigate heat loss during Seattle's chilly winters and minimize heat gain in the summer months. Promoting Privacy and Security Privacy is fundamental to residential comfort, particularly in densely populated urban areas.  Custom Blinds and Shades in Seattle afford homeowners the luxury of seclusion without  compromising on style.  Whether drawn closed to shield interiors from prying eyes or partially opened to maintain a connection with the outdoors, these tailored window treatments empower residents to curate their desired level of privacy with ease. Custom blinds contribute to enhancing security by obscuring the view of valuables from potential intruders. By investing in quality materials and professional installation, homeowners can enjoy peace of mind knowing that their property is safeguarded against external threats. Tailored Solutions for Unique Spaces Seattle's diverse architectural landscape encompasses a spectrum of design challenges, from irregularly shaped windows to unconventional room layouts. Off-the-shelf blinds often must address these nuances, leaving homeowners with ill-fitting or cumbersome solutions.  On the other hand, custom blinds offer tailored solutions that are meticulously crafted to fit the precise dimensions and specifications of any space. Whether navigating bay windows, skylights, or French doors, custom blinds can be customized to integrate with a property's architectural features seamlessly.  This bespoke approach ensures a cohesive aesthetic and optimal functionality, elevating Seattle residences' overall appeal and comfort. Adding Value to Properties In a competitive real estate market, you can use custom blinds to enhance the valuation of your property. Most property owners are in search of unique real estates that have something unique to offer. If you are a realtor, then you are aware of how people pay attention to detail before making a purchase.  So, using this opportunity to incorporate custom blinds into your Seattle properties interior decor to enhance the valuation. As Seattle property management, you can show the detail you have put into making the space welcoming and functional.  Homes that use custom blinds exude sophistication and refinement, which impress potential buyers. Potential buyers appreciate the quality craftsmanship and attention to detail in your properties. If your potential buyers are looking for eco-friendly properties, then opt for custom blinds made of eco-friendly materials. This highlights the attention to detail and efforts put into the property to make it energy-efficient. If you are a homeowner looking to enhance your property's marketable value, then investing in custom blinds that go with your interior aesthetics is a great way to start. This way, your Seattle property's resale value increases. Streamlining Maintenance and Care in Seattle It is understandable that blinds need cleaning in regular intervals as it collects dust and debris in the environment. But how do custom blinds differ from any other blinds in the market that add value to your Seattle properties?  You can highlight the necessity of custom blinds that streamline the maintenance and care of Seattle properties as Seattle property management. As custom blinds are made using durable materials, they can last longer, giving your money's worth, unlike other blinds. Again, custom blinds are made of easy-to-clean materials that will help you easily clean your blinds without damaging them. You not only benefit aesthetically and functionally but also ensure the blinds are worth your money with custom blinds. From moisture-resistant fabrics to antimicrobial coatings, the best quality materials are used to make custom blinds. This ensures your peace of mind as cleaning these blinds is low maintenance and hygienic. You can enjoy one less chore in your busy life when you opt for custom blinds for your Seattle properties. Conclusion As Seattle homeowners, you can elevate your home aesthetics with custom blinds that blend both form and functionality harmoniously.  Your Seattle properties valuation also increases when you offer a sophisticated look to your properties interiors. These custom blinds enhance the comfort of the property with proper ventilation during all seasons.  Thus giving your property a comfortable and cosy ambiance. From privacy to natural light, these custom blinds offer security and meet the diverse needs of homeowners in your Seattle properties. The versatility of custom blinds, therefore, continues to redefine our experiences with our living spaces. Thus elevating the space ambience and functionality of Seattle properties in the years to come. Additional Reading: Why Is Property Valuation Important For Sellers? What Is A Philadelphia Property Tax Reassessment? 7 Wise Financial Choices That Will Help You Follow Your Budget