Is anyone successfully using a buy/renovate/sell strategy to make consistent profits, but doing so remotely? In other words:
1. Using a buyers agent to source properties at a discount with value add potential. Specifically properties that would benefit from cosmetic renovation without the need for structural changes. This isn't as simple as just buying any old rundown property. Experience is needed to know which areas, streets and property types provide the best returns for cosmetic renos.
2. Engaging a renovation specialist to:
a) design the interior and exterior work that will deliver the most value for a specified budget (eg no more than 10% of the purchase price)
b) arrange labour and materials
c) project manage the job to completion
d) stage the renovated property to maximise impact and sale price
Or is it unrealistic for a remotely-managed flipping strategy of this kind to succeed due to the added costs of the buyers agent and renovation specialist?
Can anyone recommend any companies who are helping their clients succeed with this strategy?
Thanks in advance ...
1. Using a buyers agent to source properties at a discount with value add potential. Specifically properties that would benefit from cosmetic renovation without the need for structural changes. This isn't as simple as just buying any old rundown property. Experience is needed to know which areas, streets and property types provide the best returns for cosmetic renos.
2. Engaging a renovation specialist to:
a) design the interior and exterior work that will deliver the most value for a specified budget (eg no more than 10% of the purchase price)
b) arrange labour and materials
c) project manage the job to completion
d) stage the renovated property to maximise impact and sale price
Or is it unrealistic for a remotely-managed flipping strategy of this kind to succeed due to the added costs of the buyers agent and renovation specialist?
Can anyone recommend any companies who are helping their clients succeed with this strategy?
Thanks in advance ...