Burke's Fix and Flip

2008-09-21T21:37:00.001-07:00

One of the classes that I have taken down at Nouveau Riche is Cris Wilson's fix and flip.

I think people think a fix and flip is really rehabbing which is a totally different strategy.

Cris Wilson describes it as putting "Lipstick on a pig."

In other words, you shouldn't dump a ton of money into a home, but just do cosmetic improvements.

I have been forced to do fix and flips because I do so many rent to owns and I am constantly getting the home back.

What I have found is that you if you work on the lawn, pick up garbage, clean the carpets, and the inside. Basically fix minor things.

It is amazing how having a clean looking home raises the price in the buyers mind many many dollars.

I am constantly amazed at how many homes I walk through that stink and are dirty.

Solve the simple stink and dirty problem and all of a sudden you have a "cream puff home."

A cream puff home simply means, ready move in tonight.

So as an investor, take the list price divided by the square footage to find the cost per square foot.

Then look at the other homes in the same neighborhoods average cost per square foot.

If they are higher, you have found a good deal possibly.

One of the best ways I know of to flip a home quickly is the lease option strategy or my rent to own section.

I am working on doing a rent to own strategy for investors. Coming soon in a blog near you.
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