When you can see the finishing line on your flip, don’t make the mistake of slowing down. Do whatever it takes to get the maximum return on your investment, pay back your hard money loan and get your next house deal/flip funded by rehab money lenders Philadelphia. Here’s four winning tips to crossing the flipping finishing line.
1. Price it to sell
Yes, this is the number one winning tip! Let’s review how you’ve gotten this close to the finishing line. You found a great deal on a house, put together a scope of work to force considerable appreciation, and you secured financing with your best choice of the rehab money lenders Philadelphia. Now the work is done and you’re ready to sell. Setting the selling price too high will result in the house staying on the market longer and reducing your return on investment.
Double check your comps. Look at other houses currently listed. If you’re buying your Philadelphia properties at the right prices and financing with hard money loans, you can afford to do a great job rehabbing and sell for a good profit. Don’t delay crossing the finishing line by setting the price too high, especially if it means delaying your next flip.
Make the scope of work you submitted to your choice of rehab money lenders Philadelphia become your checklist for inspecting the work of your contractor. When the contractor says the rehab is done, inspect with your checklist and pen in hand. Make sure everything the contractor agreed to do has been done. Plus make a list of every additional thing you need to do—like replacing light bulbs, oiling squeaky hinges and any further clean-up (like streaky windows, for example).
3. Stage it
Staging the house may seem like a waste of your time. You need to focus on landing your next deal. But after selling several empty houses, many house flippers have an aha moment. It could be working with an agent to sell a house that isn’t getting offers. The flipper finally caves to the agent’s persistent recommendation to contact a staging company. After the house is partially-staged, an offer comes in above the selling price! Believe me, it’s not too good to be true. House flippers who’ve had this aha moment will gladly boast about the better offers and fewer days on the market that they’ve experienced since they started staging their houses.
4. Give it curb appeal
Don’t make the mistake of putting everything into rehabbing the house INSIDE and overlooking the OUTSIDE. Painting the exterior of the house, putting fresh numbers on it, a new front door, yard clean-up and fresh flowers in the flower bed can all add to that valuable first impression on buyers.
That’s it, four winning tips to crossing the flipping finishing line. Don’t slow it down in that final stretch. Move quickly to get the maximum return on your investment, pay back your hard money loan and line up your next flip funded by rehab money lenders Philadelphia.