and then lose precious time getting them on. Contractors use power tools—do you want them to work in the dark? Plus, when you are ready to hit the market, the buyers will need the utilities on for their inspection.
Oftentimes they can help you with some of the design finishes such as trending paint colors and counter tops. Enlist a real estate profes - sional to sell your finished renova - tion project and let them do what they do best. A great Realtor® can also bring you some amazing deals before they hit the market or proper- ties with distressed sellers that don’t have the time or inclination to go the retail listing route. NO. 11 SELL! You’ve sold your project, made some money (hopefully) and ready for the next! Remember to find a good CPA as well because you will need to set some money aside to pay Uncle Sam. •
NO. 6 Do inspections! If you are purchasing from a
wholesaler, they may not give you an inspection period so you will need to do any due diligence up front. Find a home inspector or contractor that can help you assess the con - dition of the property and point out any major defects. If you’re under contract directly with a seller, you should build in a few days to have your inspections done. Once you have done several flips you will start to know what to look for and identify any potential big issues.
NO. 9 Obtain permits.
Make sure if there are any permits required for the work being done, that the contractor obtains them. More and more buyers, especially when it comes to rehabbed properties are asking for copies of the permits and if they aren’t, their inspectors are. It’s just not worth cutting that corner. NO. 10 Find a real estate agent who understands investors and investing. Having a real estate profession - al on your team who understands investing will be a huge asset to you.
NO. 7 Close on the property. Now the fun begins!
NO. 8 Have utilities turned on. I cannot tell you how many times investors do not turn the utilities on
Lorraine Beato is an Atlanta, Georgia Realtor specializing in single-family residential homes, investment acquisitions, and upscale renovations.
She is also a former appraiser.
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