If you’re in the real estate flipping industry, your biggest concern is trying to find a quick way to improve a house. The easiest way to do this is find problems that are relatively cheap to fix. A problem house is your friend – problems that look bad, but don’t take that much work to get rid of are what you want.
Here are a couple of the most common – First, look for termites. Often the structural damage isn’t really that bad, or is limited to only part of the house. It’s relatively easy to kill them off – you just have to be good at assessing how bad the damage really is. Second, paint everything. A new coat of paint goes surprisingly far in making a house look new, and is extremely cheap. Third, improve the yard. This is often one of the easiest way to boost real estate value – cut the grass, trim the hedges, etc. Fourth, replace the flooring or carpet. If it’s pretty nasty, you can usually get a cheap new carpet or tile that will get rid of one of the big problems without really costing you all that much. Fifth, add the little things – trees in the yard, a fence, a mailbox – all these things simply make the place look nice. That’s often one of the biggest factors in how much people will pay. Remember, most people will just go to a house and decide if they like the “feel.” Your job is to make sure that they do.