There are inherent challenges when it comes to fixing and flipping homes. You need to be comfortable with a level of risk and uncertainty and the ability act quickly and effectively to unexpected events. Well, those challenges have only exacerbated in the midst of the Coronavirus pandemic. Along with the typical challenges of completing the necessary fixes, pricing the renovated property, staging, etc. you also need to consider social distancing protocols, mask mandates, the hygiene of your contractors at the work site, and so forth.
Now, more than ever, you need to be prepared and invest the time and resources in determining the viability of a particular fix and flip property in your local market. The fluctuations and activity within your particular market will play a big role in what needs to be done to target properties that could present an ROI. For example, if you are based in the Washington, D.C. housing market (including the suburbs of Maryland Virginia) you will likely have no problem selling a flipped home. This is because the DC housing market has historically-low inventory (the worst housing shortage since 2008) which drove up sale prices and enabled sellers to receive multiple purchase offers when they list their home for sale.
In addition to proper amenities and appropriate price, it is essential nowadays to provide prospective home buyers an opportunity to tour the property virtually. This entails working with your real estate agent to ensure your visibility on all of the free real estate search sites with all of the available, cutting edge digital features (e.g., 3-D home tour). Why? Because home buyers are no longer depending on agents to provide in-person home tours. Instead, they want to examine the property from the comfort and safety of their home.
Hiring a Virtual Staging Expert
Due to the increased demand, and importance, of high quality online real estate listings, you should consider retaining the services of a virtual staging expert who can provide an enhanced tour experience for prospective buyers. Working with a virtual home staging company provides the convenience of digitally furnishing and optimizing the home from which high definition photos will provide buyers a more personable experience.
In Need of Hard Money Loans in Los Angeles?
To learn more about how to finance your next real estate venture during the pandemic, please contact the leading hard money lender in Los Angeles, PB Financial Group, at 877.700.3707 to schedule a consultation or visit www.CalHardMoney.com. PB Financial Group is a premier direct hard money, private money and bridge lender, who has been providing quick funding since 2006 and have funded over 2700 hard money/private money loans. Our objective is to work to satisfy your financing needs on important real estate projects throughout California in an efficient and effective manner.
PB Financial NMLS #357614/DRE #01522495