House-flipping – buying a house for a low price, fixing it up, and putting it back on the market for a higher price – has become extremely popular in the last decade. There are a plethora of television shows out there that make the whole process seem super simple and an easy way to make some quick money. If you’ve had experience with this process, you know it is not as straightforward as it appears. If you haven’t done your research and are ill-prepared, it can turn into a money pit in a hurry.
Here are some tips on how to avoid some of the most common mistakes house-flippers make:
- Be patient. Are you in a hurry to get started? You should take your time and find the right property for you. It’s easy to get excited about the investment and bite off more than you can chew, so to speak.
- Schedule time. How much time do you have to spend on finding the right property and fixing it properly? Rest assured, it is a time-consuming process!
- Be capable. How talented are you at the skills required to make the necessary repairs to the property? While you can hire professionals to do the fix-up work, it costs a lot more and quickly dips into your profit.
- Educate yourself. Can you estimate the costs of the necessary repairs? Make sure you do the proper research on the cost of needed repairs before investing in a property.
My Property Partner App (MPPA Lite) can help make the whole process less painful and more organized! MPPA Lite is an affordable, easy-to-use program that helps you inspect a potential investment property quickly and completely. The app walks you through a checklist of all the items you should investigate, which ensures that you won’t overlook less obvious issues.
MPPA Lite is more efficient than carrying around a notepad and camera with you to every potential investment property. No more writing down notes on paper and having to keep up with them, or taking your time to have pictures developed. Using our app, you can make comments and take pictures of each area of the property, providing you with details that you can refer to when estimating the cost of repairs or comparing these costs to those of a separate property. These details can be saved directly to the Cloud for future reference or captured in a professional inspection report that you can print.
Whether you are already involved in house-flipping, or you are a flipper wannabe, you will benefit greatly by using MPPA Lite! Read more about the numerous benefits of our app in our blogs. Check out our FAQ page as well, or feel free to reach out to us with any questions. Get the MPPA Lite app and take some of the difficulty out of your real estate venture today!