When numbers make sense conservatively, Millan Investments buys residential properties to repair them and resell for a profit. Our geographic focus is our local market (King, Snohomish, and Pierce Counties) because these are short term projects requiring substantial contractor work. Project managing remotely can be very challenging. This is not Millan Investment’s primary business because profits are transactional, not an ongoing income stream. Nonetheless, when returns make sense, it is worthwhile.
“Flipping” as it is commonly called can look deceptively easy and fun. It can be “fun” and rewarding to see how one can create value in the community by restoring and beautifying even just one property in the neighborhood. The stress level is not for the faint of heart, especially if when the project involves more than paint and carpet.
More so than a rental property make-ready, Angel manages these buy-fix-sells very closely. The timeline is short (weeks, maybe 2-3 months) with holding costs ticking. Renovations can be extensive and intensive and must wow the buyers looking for functional, safe and pretty house. (A chipped laminate countertop is more forgivable in a rental. In a buy-fix-sell, the easy decision is replacement; the harder decision is type of material, color, and sometimes in context of room layout redesign).