Making Your Budget Work for You

REI/Kit identifies three phases in in house flipping – Purchase, Sale, and Holding Phase; Planning Phase; and Rehab Phase – and 23 tips in each phase where you can save money.

Purchase, Sale and Holding Phase

1. Get the correct purchase price in the first place
2. Negotiate rehab bids with more than one contractor
3. Shop around and negotiate with your hard money lender
4. Negotiate commission with realtors
5. Consider getting a real estate license
6. Negotiate the wholesaler fee
7. Shop around for title companies
8. Get an inspection without a report
9. Use a good credit card with cashback rewards

Planning Phase

1. Create a timeline for construction tasks
2. Don’t over improve

Rehab Phase

1. Rent a larger dumpster
2. Look at scratch and dent stores for appliances
3. Use discontinued flooring material
4. Use remnants for countertops and vanities
5. Use re-store/recyclling warehouses
6. Combine neutral paints
7. Become a Home Depot Pro Member
8. Consider Renting Tools
9.Craigslist to sell and buy
10. Check out clearance racks for office supplies to materials for staging your home
11. Repaint cabinets
12. Reface or only change the cabinet doors

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