Anna - Congrats! We lived in Memphis from 2009-2011 and remember it fondly.
We've only done live-in flips, but our success came down to:
- Knowing what we could do on our own and avoid outside labor cost
- Vetting/knowing reliable contractors
- Having a pretty clear vision for your exit strategy (ours was to update the property and rent it)
Good luck and have fun!
Best advice I’ve ever been given and always forward is:
- create a detailed budget right down to finishes including cabinet pulls. You’d be surprised how quickly “little” things add up. I also add a 5-15% contingency depending on House age and condition when bought.
- create a project plan and STICK TO IT. Setting a hard finish date for Open house lights a fire under your butt.
- even if you don’t think you have problems with things like AC, heating, plumbing, etc., have it inspected. Better to know while under construction then during inspection by a prospective buyer or after a tenant moves in if a fix and hold.
- crap happens. Don’t let it get you down. Determine the best course of action and keep moving forward.
Hope all goes well!
That's so exciting! Definitely what I see investors run into most often is not doing enough homework on the back end and getting crazy numbers from contractors that are just unrealistic! Once you know the costs of renovations you'll save money and a headache in the end. Good luck to you both!
Congrats!!! Keep us updated on progress!
Congrats! You probably know this already, but it helps to remember to keep good books and records. Lots of apps that can help with that these days.
Best of luck!
There are so many out there. Here are some of my favorites:
- Dropbox is great for general document management.
- Evernote is great for notes, checklists, biz cards, etc.
- Insightly is great for task management and CRM.
- For bookkeeping, QBO is the software of choice.