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⚡️• Yesterday we reached a lil milestone of 100 followers so thought it’d be nice to show you the mugs behind our profile! We met at Uni 4 years ago. I’m a Mackem, Brad’s a Geordie (football fans will understand our pain 😬😩😉) This was us yesterday celebrating 1 year of being engaged! Thank you everyone who has been keeping up with our sporadic updates and given us a like here and there! Enough of us, back to house stuff! Byeeeee 💕 •⚡️ #couple#renovation#interiordesign#diy#monochrome
What makes a good target neighborhood?
1) proximity to where you live/work (you’ll need to be there regularly during rehab so be realistic about how far you’re willing to travel)
2) selling prices of homes in the neighborhood (if average selling price is too high that’s probably not realistic for newer investors as it’s a bigger risk)
3) sales activity of homes in the neighborhood (you want to sell quickly to minimize holding costs, so make sure homes aren’t sitting on the market in your target area)
4) ages of homes in the neighborhood (homes that are 20+ ish years old are probably the best bet for new flippers, while 100 year old homes likely need too much work for an inexperienced investor)
5) appeal and charm of neighborhood (buy where other people want to live)
6) safety of neighborhood (both to attract buyers and to be realistic about during rehab - pick a place you feel comfortable working in after dark)
These are recommendations taken from the FLIP book by Rick Villani and Clay Davis. Every deal is unique, but these are good rules of thumb to follow for those who are looking to get started.
Managing properties undergoing construction can be a challenge for anyone. @lodgingmagazine sat down with Janine Chicourrat to talk about how she manages to successfully run a hotel that is constantly under construction. Tap the link in our bio to read more.