Yes! Making a profit on a residential renovation is possible! Keep in mind it requires patience and a knowledgeable agent that can help you in the process! Work with an experienced, real estate agent. With 20+ years experience flipping properties and having helped numerous clients to do the same. A qualified agent will assist you in securing financing, guide you in your property search, and may even be able to recommend qualified contractors.
How do I choose the right property?
There are numerous factors to consider when choosing a property to renovate.
Choosing real estate that yields a decent profit is the goal! Agents experienced in renovating homes in a specific real estate market know what factors are involved. Estimates on residential renovation costs and what the property could sell for after completion are key factors in choosing a property. Some properties may need entirely too much rehabilitation therefore yielding a lower profit.
Run the renovation process like a business.
It is important to remember that you have to carry the cost of the property while the renovation is in progress. Budget for utilities, mortgage (and all that goes with it), and commissions. It is wise to keep some extra funds set aside for unforeseen costs. It is not an exact science but as with anything, the more experience you have, the more successful you will become.
Set goals and deadlines by the week or month. Implement contracts with all contractors. Keep a hands-on approach and stay involved. Keep in touch with the lead project manager and communicate daily.
Every project has ups and downs. Setbacks are common but with the right individuals on the job, these can be minimized. Visit www.straubclientrenovations.com to view numerous before and after photos of renovation projects. If you need assistance choosing the right property to renovate, contact Straub & Associates Real Estate Group 717-612-3002.