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Will it be a Flip or a Flop in LoCo?

Photo Aug 31, 1 24 56 PM

A few weeks off from coaching softball and there tends to be a lot of HGTV on in my house. The current programming includes a bunch of renovation shows like Flip or Flop, Rehab Addict, and Fixer Upper. They make it seem easy to find a home in bad shape, spend 2 months repairing it, and then sell it in a week for a $100,000 profit. While it’s certainly possible for this to happen it can still be a bit of a gamble. On the golf course we used to say the bet was won on the first tee. I think that correlates to real estate investing as well, here’s what I mean…

Let’s just say you have the money to lose and decide you want to be a real estate mogul. Where do you start? The first step would be to call us (or your local market real estate expert). We’ll help you find a home with the potential upside to make the reward worth the risk. That includes determining how much work needs to be done, will the neighborhood support the necessary list price, and how long will it take to sell. Before you even think about pulling the trigger those questions have to be answered.

Here are a few pictures from a home I recently viewed which could be a candidate…

Updated bathrooms and kitchens are the top features buyers want, followed closely by new flooring and paint. And remember, you only get one chance to make a first impression so the curb appeal better be outstanding. Buying a home with those items already in place doesn’t make sense.

Once we’ve found the home we will connect you with reliable contractors. Let me say that again, we will connect you with reliable contractors. Having a team of professionals who do quality work while staying on schedule will keep you from pulling all your hair out and losing your shirt! Whether it’s a general contractor, painter, electrician, or a flooring company we know someone you can trust.

Of course getting the work done is only half the battle. Now you have to sell the home for top dollar as quickly as possible. No worries, we are here to help with that too. Take a look at some of the marketing we did for our listing on 43939 Afton Terrace. It sold in 9 days earlier this year thanks in large part to Colby and Lori consulting with us on the upgrades months before we went on the market.

If you are thinking about investing in real estate and would like to learn more, give Mike a call at 571-233-5495 or send us a note. We’d love the opportunity to talk about how we can help.


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About our blog

Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.

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