December 2023 Edition
2023 Highlights from our Featured Cincinnati Real Estate Experts:
These real estate investment tips are essential for both novice and experienced property investors to have in their toolbox. They provide valuable takeaways that can help you make informed decisions and achieve success in the real estate industry.
WORK HARD, Every. Single. Day. and pay attention. If somethings done wrong, redo it. Find quality subs. Stay on your job daily and don’t leave a stone unturned.
Keep an eye on all the fine details.
-Metro One (Featured Property: purchase $156K sold $420K)
Make homes as functional as possible. This home I opened up 2 walls, in the foyer area which really opened up the home and consequently added lots of natural light. I also moved the kitchen to make it bigger and I changed it from a 5 bedroom to a 4 bedroom with a primary bath and walk in closet.
Keep as much of old charm as possible. Replacing damaged stain glass window pieces, refurbishing the pocket doors that were covered up and broken, kept the old trim work intact when possible, exposed the brick on fireplaces and refurbished the old fireplaces!
-Modernize Cincinnati (Featured Property: purchase $200K sold $565,500)
Build a detailed tasked based budget & schedule upfront, defining critical path for tight monitoring and oversight. Conduct weekly budget and schedule reviews and be prepared to modify and adjust on the fly.
Invest (time & $) into yourself, learning every aspect of this business from accredited resources within your network, online, or through local groups within the industry.
-Olive Branch & TWB Properties (Featured Property: purchase $67,500 sold $373K)
Research is Key: Extensive market research is vital before investing in any property. Understanding neighborhood dynamics, property values, and potential pitfalls can make or break a project.
Teamwork Matters: Building a strong network of professionals, from contractors to real estate agents, has been crucial. Their expertise complements our vision and ensures successful outcomes.
Adaptability: The real estate market is ever-changing. We have learned to adapt to market trends, financial fluctuations, and unforeseen circumstances to stay resilient.
Community Empowerment: We firmly believe that our success is intertwined with the prosperity of our community. We actively seek opportunities to involve local talent, create jobs, and enhance property values.
Quality and Integrity: We prioritize the quality of work and materials in every project. Our integrity is non-negotiable, ensuring that our properties meet and exceed industry standards.
-Taylor Made (4 years in the business & growing strong)
Schedule and align the process on which trades go first. Focus on breaking everything down first then build it back up starting with electrical, plumbing, framing. Get your baseline in perspective then place all your walls back up so that now you can move into your carpentry/finishing work. Take things that look big and chunk them into small pieces to simply each project.
-Tru Life Properties (Featured Property: purchase $260K sold $425K)
Design Trends in 2024
Jo Potvin and her team at Design to Market offer up insight on 2024 market trends that will place your flips at the top of the game for the 2024 Spring market.
Sherwin Williams announced its 2024 color of the year- Upward- a breezy, blissful blue. The color found when we slow down, take a breath, and allow the mind to clear.
Light and white hues will dominate wall colors, light floors and open airy feels are the trend as we gear up for the 2024 Spring market.
2024 will continue to in the migration from grays to browns and tan accents.
Spring Valley Bank is your local community bank offering our investors SOLUTIONS in 2024:
Quick decisions with in-house underwriting
Certainty to close
Availability of real estate & banking experts to listen & stay connected
Flexible financing options for flips, refis & income producing properties
Dependability of an established banking institution
Special thanks to:
Melissa Smith Realtor, Keller Williams Advisors
A monthly series showcasing tips from professional property flippers partnering with Spring Valley.