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The flix-n-flip movement has been a growing trend in the United States in the recent decade. TV shows on many networks show you, the investor, how to identify a property and turn it into a turnkey refreshed home. One of the most crucial aspects of the flip however tends to go overlooked.
Andrew Bloom of BVO Luxury Group at Keller Williams Arizona Realty has been flipping houses for over 20 years. Fixing and flipping a house can bring much needed rejuvenation to an aging neighborhood. Andrew shares his tips for identifying your next project, bidding out the necessary work in order to get the best price, and how to stay within budget and on time for your time sensitive investment.
For Andrew, having the right project manager is one of the most important aspects to any job. The right project manager will have a sense of the work that needs to be done to turn your project into someone's next turnkey abode. A good project manager will ensure that all contracted out jobs are accomplished to schedule, within budget and to the high standards needed to show the best house. Bidding out the scopes of work is another key to your bottom line. Andrew has dealt with contractors in the past, taking advantage of what can be the quick cycle of a fix-n-flip. Inflating the bid, purchasing additional unnecessary materials and saying the crew is on sight when they aren't are all ways that bad contractors take advantage of good investors. Lastly, Andrew has a golden rule that has served his bottom line well, "Time is money and money buys more time." A good project manager will ensure that your fix-n-flip investment is on time and on budget. As we see on TV there can be unknown improvements that pop up during your flip. Prioritizing the improvements crucial to getting your investment turnkey without significantly eating into your bottom line is where many projects go awash. Should any previously unknown improvements pop up, immediately contact a licensed contractor or fix-n-flip specialist in order to understand the scope and necessity so that a proper plan can be put into action.
With this new trend being readily accessible to more and more investors it will be even more imperative for new fix-n-flippers to contact a professional in order to properly understand the project you are about to undertake. Andrew and his team have been advising fix-n-flippers for over 20 years and would love to provide some insight on your next project!
Contact BVO TODAY to begin your fix-n-flip project TOMORROW!
In 2019, BVO Luxury Group was fortunate to be named the #1 Real Estate Team in Scottsdale by our peers. With over $153 million sold in residential resale year to date - that was not a small accident. Many of our sellers could not afford another weekend of no activity - they chose to call BVO Luxury Group.
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BVO Luxury Group
Keller Williams Arizona Realty