How To Save Money on Fix and Flip Home Repairs | Billy.com

Save money where you can when fixing and flipping homes because you want to turn the highest profit you can after repairing the home. A general rule is to stick with the 70 percent rule when investing in fix and flip homes. Below, you’ll find our suggestions for cutting repair costs, ultimately making your business more money in the long run.

Charge Purchases on a Rewards-Back Credit Card

Most credit card companies roll out rewards and deals for the customers who use their cards. They may offer rewards through cash-back deals, 0 percent interest, free merchandise, etc. Purchase your building materials and your other business needs on a rewards-back credit card to reap the benefits and save some money in the long run.

Buy Overstock Building Materials

When you need new building materials for a project, don’t buy brand-new items right away. Shop around to find overstock, discontinued, or reusable building materials. While these items aren’t brand-new, they will look and perform their functions the same.

Hire Students Over the Summer

Consider hiring help from college students looking for work over the summer. The students will be grateful for a job, and you’ll save money by not using a larger portion of your budget to hire more expensive contractors. Ensure you monitor the new hires over the summer to make sure they do their job efficiently.

Save money on your fix and flip business by cutting the home repair costs and looking for alternative routes to do the job. If you can keep the quality of your work up to par and spend less money on rehabbing the home, you’ll gain more money once the home sells. Constantly look for ways to save money on your flip business; it will generate more revenue in your pocket in the long run.