Good advice is to allow a buffer in any budget for the unexpected. You may be surprised at what you find when you rip open a wall or tear up a floor, and there are items you may not realize you need at the beginning.
Determine Your Source(s) Of Funding And Overall Budget
Those in the know suggest buying houses with solid structures. Issues like peeling paint or a messy lawn are cosmetic problems that are easy to remedy. Avoid properties with costly repairs like those that need a new roof or boiler.
One guideline suggests a pace of $1,000 a day, so flipping a house that calls for $30,000 in repairs should take a month. Make sure to schedule repairs in a logical order and line up contractors’ availability.
Establish A Timeline For Your Flip From Purchase To Sale