Finding the right house to fix-and-flip requires a variety of strategies and tactics ~ researching and canvasing your target neighborhood, looking for foreclosed properties, and leveraging your network of real estate agents or contractors to name just a few.
But what should you start to consider once you find a potential opportunity? Below are a few highlights from Forbes and Trulia on “must-haves” for important rooms in the property:
1) Basements and attics – give serious consideration to passing on homes with big anticipated costs (e.g. crumbling foundations or bad electrical wiring)
2) Dining rooms – Focus on versatility and utility (be careful not to close out certain buyers because of a “too focused” design)
3) Kitchens – think big, but feasible (for example, where can and can’t you cost effectively knock out walls)
4) Bathrooms – think about adding or enlarging (most want at least 1 and a half)
5) Living spaces – finishing touches and small updates in foyers, dens, or living rooms to create clean lines can be just what you need
6) Living rooms – look for hardwood floors, and note that it may be hidden under that old carpeting
To read the full article and get additional great advice, click here.
About Anchor Loans
With over 18 years of experience and $4 billion in total loans originations, Anchor Loans is the nation’s largest fix-and-flip lender. In 2016 alone we originated over $1.1 billion in loans to the fix-and-flip market. Interested in applying for a loan or getting a quick quote? Just click here.