Las Vegas House Flipping is one of the major businesses of the investors here. People usually get hard money loans to invest on a property that they can resell at a much higher price. In this way, they can earn huge profits just by investing, fixing a bit and reselling. Nevertheless, it’s very crucial that you always stash a property that will make you earn big money because if not, you will be wasting time on something that will not earn you a penny.
What to look for in a Las Vegas property?
Price of the House
In Las Vegas, it’s easy to spot a good house for investment and especially for house flipping however; the difficult thing is to ensure that you can get it for the best price. Make sure that before buying a property, the price should be lower than the Las Vegas market value. The price should still give you huge profit even after deducting the repair fees, commissions, interests and such more.
Roof and Walls of the house
Fixing the roofs and walls of a property is expensive hence you should look for a house that doesn’t have too much to fix with because you may spend more in repairs and won’t earn profit anymore. Look for any layers of shingles on the roof and when it has more than 2 then it probably needs replacement. Check the ceiling if there are any marks of water drops, these are indicators of holes in the roof that you should get rid of.
With the walls, make sure there are no dry cheap ones or you’ll push the buyers away. The walls should be crisp and clean because it shows well-maintained property. Paint off all the stains and the holes should be fixed. Consider all these costs before buying the property.
Foundation of the house
This is the most expensive to fix hence ensure that before investing in a property, the foundations are all good and well-kept. There must be no sinking in any part of the house. Much better to bring your foundation guy with you every time you check a property and ask for a quoting price so you’ll have an idea how much it will cost you for repairs before selling it to the clients. This will keep your profit intact.
Electrical of the house
Check the breakers and electric boxes in the house. You can also conduct cheap power test to fully know whether the entire system is working or not. Check the lights and the sockets to have an idea whether there are electrical issues in the house that need repair or touch-ups .
HVAC units of the house
Living in Las Vegas with no air conditioning in the house is such a living hell. An air conditioner is a must so you should check the units and the cooling system of the property before closing the deal. If you think that the ac units are too old and are all for replacement, you should be mindful that you need to leave a very big room in your budget for the HVAC installation. This totally costs an arm and a leg so get prepared. And if you’re planning to sell the house with no air conditioning then dodge the idea as early as now. Homeowners in Las Vegas will first look for these cooling systems at home so it is a must. It’s okay to spend rather than the property not being sold.
You can bring your HVAC contractor with you upon checking the property you’ve been eyeing and get price quotes to give you an idea whether the house will give you profit or not, even after the HVAC installation or repairs.
Plumbing system of the house
The water system of a house is very important, look for the toilets’ flush and the water should run smoothly in all the pipes around the house. The water heater should be checked as well and if it looks too old then this might need a replacement so leave a room for than in your budget. The plumbing fixtures should be replaced as well especially the faucets, showerheads, toilets and more. This is to make the house look fresh and new that will attract more buyers and will help you raise the selling price.
If you don’t know yet, the paint of a property can give a very huge impact to the over-all look of the property. Sometimes, even if the house is too old and rusty, once you changed the paint into fresh ones with bright hues, the property instantly looks pimped and gorgeous. You can barely notice it’s old age and its flaws. Good painting job shows better property and It creates a huge difference in the Las Vegas real estate market. Look for paint colors that will create the best look of the property and stick with the classic earth-tone colors to suit everybody.
Flooring and countertops
The concrete surfaces of the house play a big role in inviting customers to buy your property. These surfaces such as the flooring and the countertops can either make or break your real estate investment. Thus, before buying a house, make sure that you know whether to replace or just clean these. For replacement, you should allot a big amount of money for that so if ever, you have to, be prepared with all the expenses. Check out for cracks and stains that are hopeless, you should get rid of them before putting the house on sale.