It seems in today’s market, many rehabbers are looking for “no-brainer” flip opportunities where a quick rehab can result in a huge profit. While those deals are fantastic, our most successful investors are the ones who are able to turn “difficult” flips into great homes and realize value where others can’t.
I had an investor who recently purchased a downtown property that was in need of a substantial rehab. One of the best value-adding decisions that she made was to turn the current carport into a 2-car garage. Some investors would not want to deal with the hassle of getting this extra renovation done, however, this investor sure is glad she did. Even though the garage renovation cost close to $7,000, this decision added approximately $30,000 to the home’s ARV!
Another tool that this particular investor utilized was home staging. I can’t stress enough how much better a home looks if it is properly staged. Especially if you have a smaller room or a tough layout, home staging really helps the buyer visualize how they would utilize the house. My investor used a lot of careful thought and design choices to highlight the features of the home all while keeping an open and bright concept in mind. Buyers loved it. She had 3 offers on the table within the first 5 days on the market! Although it does take extra effort, home staging can go a long way towards selling your home faster and for more money.
These are just a couple of highlights from this investor’s flip. Please contact us for any ideas for your next project. We have a large team here at Altura with a lot of experience with different types of homes. You might be surprised at the profit you can make on a “tough house” to flip. By thinking a little outside the box, sometimes the toughest homes can result in the largest returns.
Written By: Blake Messina – Acquisition/Sales Agent with Altura Investment Realty
Blake can be reached at 407.595.9641