Believe me, there are PLENTY of places you can underestimate: cost of the home, time it takes to do the renovation, time it takes to close, time it takes to sell…the list goes on and on.
Some areas are more risky than others when it comes to time estimations, but overall you definitely need to keep a watchful eye on your numbers and ideas.
It’s true that flipping a property quickly is the best way to ensure that you are making money off of the process. However, properties hide things, they’re sneaky! It’s not uncommon to get inside of a property and find 10x the work you thought you were going to have.
So when it comes to time that it can take to do the actual renovation, you should always give yourself more time than you think you need.
Humans can also throw a kink in the chain. We’re not robots, we make mistakes, and we’re not even always reliable! Your crew may show up late, or not at all. They may do a poor job that causes you to restart projects. It’s so important to vet your contractors, to try to get the best team possible when it comes to flips.
Even though there are risks to real estate flipping and mobile home investing, with the proper mindset and planning in place, you can set yourself up for success. Take the necessary precautions, though, and it can be a great avenue for cash flow.
P.S. Whenever you’re ready, here are a couple other ways Swift Homes can help…
1. Learn more about this industry, specifically the What, the Why, and the How mobile home investing can 10x your time and money. Click here to watch this completely free 3 part video series.
2. Work directly with me, Bill Neves, and tap into the experience and knowledge I have built in the last 7 years to help reach your goals. Click here to grab a spot for a free consultation.
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