Make Your First Home A Flip - Part 5
Posted on April 20, 2008 - Filed Under Business
How you perceive a property could be putting you behind the eight ball right from the start.
A good research tool for this phenomenon are TV shows that deal with people who are trying to sell their property but are having difficulty doing so because they don’t understand what most people see when viewing properties. What most people see are the furnishings, clutter, wall colors, etc. Very few see the potential.
If you have been looking for some time for a home to flip, but can’t seem to find the right one, you may need to evaluate what information you are processing when viewing. You may be one of those people that can’t get past the homeowner’s tastes.
A tool that will help you get paste this is a check list. Most people view properties with nothing and rely on their memory. Stats show that people retain about forty percent of a home they have viewed. That’s a lot of missing information. A check list should be part of your research no matter how seasoned you are at real estate.
A check list should include points that you are looking for such as condition of exterior, roof, bricks, landscaping, windows, doors, condition of interior, floors, wall condition, counter tops, bathroom upgrades needed, etc. Take your time and fill out your list as extensively as possible.
Three things will be noticeable to you. One, you will spend more time viewing the property, gathering more information for later recall. Two, you will be focused on what your goal is, to find a property that needs a little work, thus taking your focus on the decor and clutter, etc. Three, your list will be your guide when evaluating whether you can do the amount of work and whether you can afford to do the renovations.
Your goal should be to never view a property without your checklist. You may find that this will help you find that perfect project you have been looking for faster.
Bob Power has been has been buying and selling real estate for over thirty years. As a contractor, a real estate agent and instructor, he has the experience to advice others on how to do it right, and what to avoid. As well Bob is the owner an designer of Time Burst Clocks unique, hand made, one of a kind collector’s item clocks.
You can read articles on real estate, home decor, finance and more on his web site Big City Open House
Tags: bricks, doors, exterior, flip, flipping, landscaping, real estate, roof, windows
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