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Successfuly
completing fix and flips requires several important steps that Urban
Concepts LLC will perform as our part of the partnership
Purchase The Right Property
First you have to find the correct property at the correct price.
While
there are hundreds of units on the market today, fix and flips need to
be correctly priced based on area comps and their condition.Second,
is to determine that there are needed upgrades that can be economically
completed and still leave room for a profit when the unit is sold.
Create A Realistic Budget
An
accurate budget and timeline for the work will be created. Time is
money and the longer a project takes the more carrying costs.
Supervise And Complete The Work
Then, once the property is found and a budget and timeline created, the work must be completed.
If
any subcontractors are used, they need to be closely supervised to
insure that the work is completed in a timely manner and to the standards required.
Staging The Unit
Definition
of staging : the act of preparing a real estate unit for sale by using
furniture and accessories to make the unit appeal to the maximum number
of potential buyers.
Staging a real estate unit helps it stand out from other available units.
Interesting Staging Facts:
The
U.S. Department Housing And Urban Developement reports that a staged
home will sell for an average of 17% higher than unstaged homes.
Staged homes tend to sell faster.
Only 10% of potential buyers can visualize the potential of vacant units. Staging a unit helps them see it as their home.
Selling The Unit
Once a unit is completed and staged it must be sold. A realtor must be found who can successfuly market the unit.
These are all steps that Urban Concepts LLC will complete as our part of the partnership.
This is a great way to participate in the improving market without all the work and hastles.
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