Many rookie real estate investors make the mistake of overpricing their properties when all the work is done.
The bottom line: If you want a successful listing that produces multiple offers, you must price your property correctly. Additionally, an overpriced investment property will sit on the market too long and tie up your money.
The tried and true method for pricing your flips correctly is to find reliable comps in your property’s neighborhood–and the best way to do that is to work with a Realtor(R).
You can also check the market yourself periodically, while you’re fixing up the property. If you do, keep your search for reliable comps to properties that sold in the last 6 months (or less). Also, try and list your flips at the average market value for the particular neighborhood you’re selling in. If you overprice your flips, you will generate little attention from buyers, and the longer your property sits on the market, the less likely you are of receiving an offer at or above your list price.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.
Read our frequently asked questions and take a few minutes to learn about the hard money loan process.