Flipping a property in 2 weeks??
Can it be done? Flipping a property in two weeks is a pretty lofty goal. We just did it!
It can be pretty difficult to pull off, but it can also be very lucrative. You’re chopping the rehab time down significantly, and getting a chance to reuse your money very soon. During the housing market crash, being able to get in and get out super quickly allowed me to make lots and lots of money when the market was tanking. Needless to say, I find a quick flip to be a super valuable tool in my tool belt.
So how do you flip quickly? Here are the things to watch out for:
1: Cosmetic work only. This may seem fairly obvious, but you need to find a property that doesn’t need significant work. Significant work is going to slow you down. Some small patchwork, or replacing items like gutters, water heater, etc, is fine, but avoid larger projects like significant water damage or foundation work.
2: Have your crew in place, ready to go. To successfully have a crew in place, you need to have developed a good relation with your contractor, and they need to be ready to go the very second your property closes.
3: Know where your delays will be. Even in cosmetic flips, there are still some things that will take more time than others. For example, your granite installers or home inspectors may need a couple days to work you into their schedule. Know where these hang-ups are, make sure that you are scheduling them well in advance. Inspections and open houses/listing will be your two main items to watch out for here.
4: Know what you can delay. Some work, like fixing Section 1, can wait until after you’ve put the house on the market. You can complete this at your leisure in the weeks until your house closes.
I hope that this quick and dirty guide to flipping a house in two weeks has proven useful to you. It’s been great for me! Best of luck in your own real estate ventures.
Juan