The process starts when we first look at the house. We have a team of experienced members who come together to look at the needs of the particular house in order to make it the best finished product it can be. This first step, in detail, looks like this:
From there, we start the labor process. From the yard, possibly a pool, paint interior and exterior, the work is done in a way that it will be worth our investment, as well as be safe and reliable for future tenants.
As I mentioned, you need a group of experts to make sure this is completed properly. You can do it alone, but when you are working against the clock to stock your companies inventory, as well as make sure the house hits the market at the right time, you have to realize there are factors that can cause you to eat up your profits. In order to make sure the job is completed in a timely manner, you need a real estate agent, an attorney, a contractor or renovator (at least one!), an inspector, and even an insurance agent. These key team members come together so the process is completed in a timely and financially efficient manner.
A major component to the Team is the handyman crew (prep., paint, yard, etc). This aspect is vital, because this is where the idea becomes a physical process, and they must have a good knack for home improvement. At We Buy North Texas Homes, we like to to think we have some of the best in the field, even if we MIGHT be a bit biased! Here’s the long and short of it– if you want to do it yourself, you can. If you don’t have handyman abilities though, you will drag the process out getting it right, or drag it out redoing tasks. Remember, money is time in the long run. Having someone that can smile at the daunting task of handling everything from electrical issues, smells, floors, roofing and so much more is a huge benefit to us, especially when it comes down to finishing day and there needs to be an emergency fan install, or leaky pipe fix– your handyman will make the flipping process into a no brainer!
When considering a purchase, another vital aspect is knowing the “lay of the land”. Do you know what your desired location is? What about specific street details? It is a best practice to weigh in things like location on the block, proximity to train tracks and airports, schools, Home Owners Associations, and street congestion. In addition, its a good idea to know if there are local developments in the future that could effect supply and demand.
A good and experienced estimator will alleviate the financial pressure of making a new house acquisition into a workable home sale. When purchasing the house for a certain price, your team must be able to accurately estimate the amount of time, labor, and tangible supply cost of the job. The estimator or team estimating must be familiar with costs of material, special equipment purchase or rental, and various fees associated with inspection and home listing. If the estimation is too low, you could be looking at major monetary loss. Overshooting an estimate price can be the best plan, but too high of an estimation may cause you to forego the purchase of a good property investment. All of this combined makes the estimation aspect into a task that requires years of experience, so you can really understand the nuances that are present.
Finally, the intangible side of this process: patience and emotions. Both of these components can cause you to overpay for a specific house. If you enter into a contract with emotional attachment to the property, or with a lack of patience, the terms may not be in your favor. That is why at We Buy North Texas Homes, we search for diamonds in the rough, and properties on the cheap. If you cannot enter into a contract with terms and pricing that you are looking for or are willing to reasonably compromise to, then move on to the other side of the fence– the grass may actually be greener! Both patience as well as non emotional decision making can take time and even financial loss to fully grasp, but we are lucky to have years of experience involved in the entire house flipping process.
There are countless other small components involved in what we do a WBNTH. We do our best to make the purchase process from you streamlined and efficient, while understanding what needs to take place to make the house market ready. As always, check out our social media to keep updated on our house purchases and sales!
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