Real Estate Agent · Lowell, MI · Member since 2016 · 42 posts · 7 votes
Hi Everyone,
Just wondering if someone has a simple system for flips. I've bought a few on the online auctions and sheriff sales but the competition is pretty stiff and the profit margins are too close. Any other ideas?
Investor · Hartford / Boston · Member since 2014 · 35 posts · 21 votes
10y
Hey Jayne,
I'm not sure what you mean by "simple systems for flips". Are you asking in regards to finding good deals? Or are you asking in regards to rehabbing your current deals with a small profit margin?
I don't think a "simple system" exists. I say that because no two flips are alike. If I were in your situation, I would analyze my current property and compare it to the others, nicer homes on the market, in the area. *Realtors will help with this for free!* I would invest enough to have slightly higher quality, while maintaining a very competitive price.
If my margin is too small/close, I simply pay someone a small fee to clean up the garbage, waste, and debris (and possibly some light landscaping if necessary) and throw it on the market for a small, solid return for almost no work. Or, since I have a list of local investors and want to sell it even faster, I can try to sell it that way instead of listing it with an agent on the MLS, saving myself from having to pay commission fees.
I designed a system (and it’s actually available as a Done for You system) to manage your crew, budget and contractors. It’s a roadmap that outlines everyday of your project so that everyone knows what to expect day by day. My system also teaches you how to price your own project so that you are no longer asking for bids, but setting your own prices and determining when each segment of the project gets down.
Itsurflip.com
If you have any questions, please feel free to give me a call at 330 313 4403