View Each Property

Now is the time to get out the magnifying glass. Scrutinize each property with a critical eye. Do not excuse even minor blemishes. In fact, document each problem to include written descriptions and photographs.

Set up a file folder for each property which is still under consideration. Include all notes in each file. Spending time on many different properties means they will start to run together.

What you are looking for are reasons not to buy the property. If you find any reasons to not buy the property, then you have not spent anything but some time gathering facts. Here are reasons not to buy a property:

A need to replace roof support members and all roofing materials.

A need to replace the existing footing due to settling.

A need to replace all siding, all windows, and all doors.

A need to replace all wiring, plumbing and interior mechanical features.

A need to rebuild chimneys from the ground up.

A need to replace floor joists and structural members due to termites.

These sorts of repairs are best done with the wrecking ball when the value of the land is adequate to justify a tear down. There have to be properties which you can flip which need less involved repairs. Just look a little harder for the differential you seek to make the project worth doing.

As a flipper you are not in the business to improve the entire stock of homes in the country. You just want to improve the one or two a year which will allow you to make a business profit to support you and your family. Leave the more difficult projects for later when you are better able to understand the steps needed to make huge changes.

One project I was on needed 18 months of effort from me to break even. I paid too much. There was too much to do. I was lucky to get out with a break even. I rationalize by saying I lived there rent free for the 18 months. But that is not reason enough to do a flip. Just ask me.

So eliminate properties with serious problems from your list of possible properties during this step.

Here are some other hazards to identify before buying so the cost of repair , removal, or replacement can be calculated before buying.

SOURCE

Indoor Air Hazards Every Homeowner Should Know About...

Healthy Indoor Air for America's Homes is a national consumer education program concerned with improving the quality of indoor air in homes. The program offers nationwide education through state program managers and the development and distribution of educational resources, as well as a network of over 3000 county Cooperative Extension Service offices.

If you're like most Americans, you spend much of your time indoors. Have you ever stopped to think about whether the air you're breathing at home is healthy? This booklet can help you identify things in your home that may impact the quality of your indoor air and your health.

Research has found that in some homes across America, the quality of indoor air can be worse than outdoor air.In part, this is because many homes are being built and remodeled tighter.

You don't have to be a building scientist to deal with the quality of air in your home, However, you should understand a few basics to get you started. The "Healthy Indoor Air for America's Homes" project was developed to provide basic but comprehensive information to consumers to get a handle on indoor air quality.

A major hazard is MISINFORMATION. Be informed. Request more information by contacting the resources listed on the back of this booklet.

Signs of Possible Home Indoor Air Quality Problem: