How do you go about figuring out the upgrades that you’ll need to do to a property when looking at a property to flip?

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1. What are the local (legal) requirements? Smoke detectors, types of locks for tenants, electricity up to code
2. Fresh coat of paint, floor needs upgrade, touch up paint jobs (depending on condition)
3. Check outlets, make sure they work, GFCI in kitchen
4. Clean bathroom, nothing fancy
5. What’s your competition? If for example your competition doesn’t have granite, then don’t do it (unless you’re going for a premium tenant relative to your area). Same for AC, appliances, etc

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Look at other homes on the market, both active and recently sold. Decide with which you want to compete, meaning is this a quick flip for you (face lift) of are you going all in (new kitchen, bath, potential reframing, roof, plumbing, etc..). That should give you an idea of how much work you’ll need to put in.

Next, you’ll need rubbing water and heat, so base upgrades for plumbing and electrical might be needed. Some homes are vandalized and copper tubes cut, keep an eye out for these when putting an offer in. New plumbing and electrical throughout the home can cost $10K+ each.

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