Quickly flipping property is an essential skill if you’d like to be a powerful investor. Understanding how to quickly turn a house is crucial. In our latest post, we provide some excellent tips for quickly flipping property in the San Antonio area.
As a San Antonio investor, you know that you are losing money for every day you have the property. The expenses of owning a house can eat away at any prospective profits substantially faster than people realize. Monthly utility costs, homeowners insurance, property tax, maintenance, and the mortgage payment can add up quickly. Whether you are flipping a home or you have to sell a house you have owned awhile, selling quickly will allow you to keep more cash in your pocket. Below, you will find some advice about the best way best to sell your property fast in the San Antonio area.
Avoid Major Renovations
As an investor in San Antonio, you will likely not be purchasing houses with major structural damage when looking to flip. Hopefully, the majority of your repairs are cosmetic in nature and can be quickly fixed, or left to the new buyer. Tackling large renovation projects is a big no-no for people who want to flip the home quickly. Stick to smaller projects that can boost the home’s value like a new coat of paint, new fixtures, or crown molding. Don’t get in too deep by redoing the kitchen, knocking down walls, or renovating the entire bath. Doing these kinds of projects can open the floodgates to other repair needs while also delaying your selling timeline. Major repairs typically wind up costing more than originally planned and can be more of a problem than they are worth.
Sell To A Professional Buyer
A professional buyer such as Lone Star Real Estate Solutions LLC, will be able to purchase your home right away, without having to deal with the red-tape of a traditional sale. We won’t subject you to an appraisal, or cause you to wait while we secure funding. We’ve got the money available to purchase your home right away, helping you to flip the house quickly, using the cash to reinvest as you so choose.
Have A Strong Team
Prior to going into any renovation project, you are going to want to have your team ready to proceed. This means having your contractors picked out, timelines determined along with the numbers to back everything up. As you invest in more and more properties, you will develop your own group of professionals including title professionals, contractors, designers, agents, wholesalers, legal professionals, an accountant, along with other investors. Having talented and smart people in your staff can allow you to execute your prices quicker and with more accuracy. Join local investment groups to network with other like-minded professionals. Many of the best deals are done via networking.
Know When To Hire A Pro
Many property flippers will presume they will be able to do it all themselves. While you might have a strong construction background, you also need to not be afraid to call in an expert when you require it. If you are redoing a bathroom, for instance, consult with a plumber to assist, as you handle the framing, etc. Only use licensed and insured contractors on any project you’re completing. By sacrificing quality, you are setting yourself up for suits or further damage in the future.
Avoiding Emotional Attachment
Flipping property in San Antonio is a numbers game plain and simple. This isn’t a property you are keeping for the long term, so don’t fall in love with the home. Make updates to increase the value, but do not spend an irrational amount of money picking out countertops, fixtures, or other cosmetic items. By integrating your taste too much, you could even turn off some buyers to the home. Stick with neutral tones, simple, yet tasteful fittings, and keep your prices low whenever possible.
Know How To Sell The Neighborhood
If you live in the area, you will probably already know a good deal about the area and local market. However, if you aren’t exactly a local, learning about the neighborhood perks can assist you in selling the house. Hype up popular restaurants in the region, the good schools, the ease of transportation, and future growth plans. Learning about these sorts of things may persuade a buyer to buy, even if they weren’t blown away by the present look of the house.
Plan For The Unexpected
When doing repair work to a house, you will likely discover extra things you wish to repair. Put aside some of your budget for the surprise prices that will inevitably appear. It’s also wise to have a backup plan in place in case the house doesn’t sell as quickly as you want it to. For instance, getting a short-term renter in there to lower your ownership costs until the market picks up again.
Whether you are looking to buy or sell an investment property in the San Antonio area, Lone Star Real Estate Solutions LLC can help by purchasing an unwanted house or selling you a house at a cost that is reasonable. Just like yourself, we are investors that only deal with the best properties and deals. We’d love to work with you!