3 Ways Overcome a Fix and Flip Nightmare
Picture this, you find a fix and flip in a perfect neighborhood, with a great exterior, and it seems like every real estate investors’ dream. But, once you get inside, you realize that it has structural issues, mold, and has been destroyed by squatters. Sound familiar? Don’t worry, you are not alone and we are here to help! Being in the industry for over 20 years, ZINC has seen it ALL and knows what to do when your flip turns out to be a flop. We know what you’re thinking, how can you stick to your budget and overcome this fix and flip nightmare? Take a deep breath, we have a few tips up our sleeve that will turn your nightmare into a homeowner’s dream without breaking the bank.
- Prioritize the necessities- Walking into a home that is completely destroyed can be very overwhelming. But, it is important to see past the clutter and garbage and look for the necessary renovations that you will need to do. Focus on what NEEDS to be done. For example, structural issues should be at the top of your list. Look over your budget, talk to your contractor/handyman, and create a new exit strategy. Obviously, you will need to change your original plan. But, being prepared for the challenges ahead and knowing which projects are necessary to tackle will help you stick to your budget and will keep you from getting too overwhelmed.
- Stay Consistent- It can be easy to get caught up in one big project, especially when you are practically starting from scratch. But, it is important to analyze other homes in the neighborhood and stay consistent with that standard. Fix and flips that are overloaded with top-quality materials may seem out of place and will ultimately raise your costs.
- Call ZINC!- As we mentioned previously, we have seen it ALL and we are here to help. Some fix and flips can be daunting, especially if you were catfished by the property’s exterior. Stay calm and know that you can always call us for tips on how to handle tricky flips. Our experienced team can help you determine your exit strategy and can even help you leverage your capital with one of our loan programs!
Here at ZINC we lend regardless of experience. So, if you are overwhelmed trying to take on your first flip, click here and apply now to get your deal funded and receive expert advice on how to tackle your first real estate investment (even if it seems like a fix and flip nightmare).