Jump In! Finding the Perfect Fix and Flip: 2018 Edition
Updated: Jan 7, 2019
Welcome, friends! After a brief, week-long hiatus, we're back to discuss a very important topic. How exactly you can tell whether the home you have your eye on is a good fit for fixing and flipping in 2018.
Finding the most desirable fix and flip properties, regardless of the year, takes more than luck and a hunch. However, the 2018 market is competitive, so knowing just what makes an investment property worthwhile is what will give you true leverage on the real estate investment playing field. Below are our top 5 qualifying factors for homes to consider rehabbing in 2018.
When Was It Built?
Since we're talking time-sensitive, the birth of the home in consideration is worth looking at, to begin with. Most homes built prior to 1978 come with a variety of potential complications, including lead-based paint. Working with these homes means following the Renovation, Repair, and Painting laws set and governed by the EPA. Unless you're familiar with those guidelines, or genuinely willing to follow their procedures, we suggest looking at properties built after 1978.
Location, Location, Location
Need we say it? Of course! This age-old adage is spot on with real estate investment properties. But this goes beyond simply identifying desirable neighborhoods and cities. Consider the following:
How far is the home from public transportation? Are the neighbors messy or loud? Does the foundation of the home look clear, and well taken care of? Are there power plants nearby? How about highways, airplane routes, or high traffic roads?
All of these factors impact how quickly a home will sell, and ultimately its value.
A Step Above Location: Community
The property you purchase for your next fix and flip should ideally be situated in a neighborhood that offers a good or up and coming school district. Statistics show that even couples without children consider schools when purchasing a home.
What else does the community have to offer? Desirable experiences? Local cuisine? Perks make your investment even more sound!
Let's Talk Layout
While older homes offer great character, homeowners can be very discerning when it comes to floor plans. If you're looking to move your property quickly, searching out a home with an open floor plan, large kitchens, high ceilings, and good light is a sure bet. These features are very desirable to a wide audience and will help ensure the success of your flip.
How Average Is The Home?
While it might sound counter-intuitive to find properties that don't stand out, when it comes to property value upon completion of your fix and flip, you want to be as mean as possible. Right in the middle, price-wise, that is. The ideal rehab property will appeal to a wide variety of buyers, so it won't have too high a price point, or too low.
Remember, evaluating the home you're considering means going beyond just structure itself. Your end goal in real estate investment is to put people in wonderful locations, but ultimately, to have predictable returns. For financial assistance with purchasing a fix and flip property, call Geneva Lakes Funding today at (262) 222-6400