1.- Contractor Commitment and Competence




Your general contractor needs to understand and be committed to your timeline for renovations once they are established. It is not only getting the project done in a timely manner, but having it done right. Find a contractor that does not have too many projects on their hands that will take them away from yours. Use a contractor that will value your project and one who will prioritize it. Obviously, any timeline depends upon the extent of repairs and renovations that are needed. For example, it may take 3,6 or 12 weeks to finish a job. A reasonable timeline should be established in the beginning, preferably before the initial purchase in order to plan ahead. Having your contractor inspect the prospective purchase and give a preliminary report on the work needed is the best option. These weeks of preparing the property for resale may consist of meetings between you and your contractor, getting additional quotes from the contractor or sub-contractors, negotiating expenses to better accommodate your budget, working with your lender and your vendors on the “rehab-draw” process, inspecting the workmanship of renovation team, cleaning, marketing the property, weather delays, dealing with utility providers and more.  




2.- Marketing your Flip




Your realtor partner should be a great asset for you, they can often create interest in your property before you even finish the repairs. Work with your agent early in the process so that they can help you determine a sales price that will help you turn your inventory quickly while maintaining a solid profit margin. Bottom line, you want to get a solid offer on the property as soon as possible. Setting a price to high or too low can cause you real headaches and cost you money. 




3.- The Offer




Once you and the prospect have agreed on a sales price and the purchase contract is in place, the closing process generally takes anywhere between 3-6 weeks depending on many factors. The closing process consists of title research, survey, appraisal and the buyer’s loan qualification time-line. These factors are out of your hands and take time, so be ready to be patient. The right and reasonable price on the home can help facilitate the negotiations between the buyer and their lender. From contract to closing you can expect the process to take anywhere from 3-6 weeks. Expect the unexpected. If the buyer gets denied somewhere in the qualification process, then you may need to begin again with a new lender and new buyer all together. Any delays between the buyer and their lender can cost you thousands of dollar, so make sure that you budget correctly. 




4.- Contractor Commitment and Competence




Your general contractor needs to understand and be committed to your timeline for renovations once they are established. It is not only getting the project done in a timely manner, but having it done right. Find a contractor that does not have too many projects on their hands that will take them away from yours. Use a contractor that will value your project and one who will prioritize it. Obviously, any timeline depends upon the extent of repairs and renovations that are needed. For example, it may take 3,6 or 12 weeks to finish a job. A reasonable timeline should be established in the beginning, preferably before the initial purchase in order to plan ahead. Having your contractor inspect the prospective purchase and give a preliminary report on the work needed is the best option. These weeks of preparing the property for resale may consist of meetings between you and your contractor, getting additional quotes from the contractor or sub-contractors, negotiating expenses to better accommodate your budget, working with your lender and your vendors on the “rehab-draw” process, inspecting the workmanship of renovation team, cleaning, marketing the property, weather delays, dealing with utility providers and more.  




5.- Marketing your Flip




Your realtor partner should be a great asset for you, they can often create interest in your property before you even finish the repairs. Work with your agent early in the process so that they can help you determine a sales price that will help you turn your inventory quickly while maintaining a solid profit margin. Bottom line, you want to get a solid offer on the property as soon as possible. Setting a price to high or too low can cause you real headaches and cost you money. 




6.- The Offer




Once you and the prospect have agreed on a sales price and the purchase contract is in place, the closing process generally takes anywhere between 3-6 weeks depending on many factors. The closing process consists of title research, survey, appraisal and the buyer’s loan qualification time-line. These factors are out of your hands and take time, so be ready to be patient. The right and reasonable price on the home can help facilitate the negotiations between the buyer and their lender. From contract to closing you can expect the process to take anywhere from 3-6 weeks. Expect the unexpected. If the buyer gets denied somewhere in the qualification process, then you may need to begin again with a new lender and new buyer all together. Any delays between the buyer and their lender can cost you thousands of dollar, so make sure that you budget correctly. 






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