Buy low and sell high is the phrase quoted by investors around the world, whether referring to the stock market or the real estate market. While this is one of the best ways to lock in a profit, how do you determine that the property you just bought will sell for the price you think it should?

Here are some tips on how to flip that house quickly.

First impressions often have to be the best. It’s those proverbial nuances that can make or break a long-lasting relationship. It is the same with real estate. You may have a fantastic property with many expensive amenities inside.

Solid oak floors, cathedral ceilings, balconies and lofts, large kitchen with shades of built-in cabinetry but no curb appeal.

Exterior appeal? Yes, curb appeal. The house can be beautiful on the inside, but appear ordinary or even dilapidated on the outside. This is a major setback when it comes to remodeling that home that you have spent so much time and effort finding and fixing up.

The first thing interested buyers usually notice is how the house looks from the outside. After all, that’s the first thing they see when potential buyers arrive. A prospective buyer typically wants a nice big yard with room for the family’s 2.5 kids and dog. If the yard is littered with debris or many small trees and shrubs, there is no room for your family and they are likely to pass without stopping.

Many new investors make the mistake of fixing the inside to the point of financial fiasco. Just because you think those new cherry cabinets in the kitchen will sell the ladies, doesn’t mean it’s worth the extra $10,000 you invested to make it look that particular way. Always leave those things alone that don’t need fixing and focus on fixing or replacing what will appeal to the most homebuyers.

Here is an example. Let’s say you find a house on the market that the family had to sell due to the death of a loved one. The property has probably not been updated since the late 1960’s or early 1970’s. Looking at the garden, you realize it’s pretty, but overgrown with weeds for months and years. You can pick up the property for 65% of the market value because the relatives want a quick sale and they are all out of town. The appraised value is $100,000.

The first thing an investor should do is clean up the yard. Make it look like the best garden on the block, but don’t go overboard. Try to use plants and shrubs that are already in the landscape to create curb appeal. Dump them and move them if you must, but make the yard look as appealing as possible to the average homebuyer.

Repair severely cracked sidewalks. You may need to buy new ones, but you may only be able to repair the existing one and still make it look good. Don’t break up hallways to add, say, herringbone-pattern brick unless you know it will definitely increase the value of the home.

As you make the yard and front of the house more presentable, people will definitely take notice. These few simple improvements will start to generate interest quickly. You want this to happen as soon as possible, even if you’ve just started remodeling or doing interior repairs.

The exterior of the property is as follows. Need a pressure washer to remove years of dirt? Are there small cracks in any of the bricks, if it is a brick house? Check that all blinds and screens are in place.

If you are missing a blind and cannot replace it, remove the remaining ones to match. You’re looking for a uniform look and don’t want to spend a lot of time and money doing it.

Once you’re happy with the outside, move in and begin the facelift process.

The entrance is everything, stand on the other side of the entrance. What’s the first thing you’ll notice when you walk in? Do you want that to be the focal point? If not, change it.

You might notice the chandelier in the dining room, but you want buyers to notice the fireplace in the living room. You will want to remove the chandelier, unless you have added value to the property.

Paint can also work wonders. Stick to neutral colors. Soft and warm are best when it comes to appealing to families because women generally make their buying decisions based on the emotional feel of a home.

If the new buyer doesn’t like it and wants to be more contemporary, they will. You want the potential buyer to focus on the house, not specific colors. You want them to be able to imagine their own furniture in the room from the moment they walk through the door.

They are likely to fade if the colors are not correct. Off-white and beige tones usually go with any decor. This is the color of choice for many investors as they prepare to flip that house. The same rule applies to floors.

There may be hardwood floors that are simply stunning. Do not cover them with rugs and carpets. Let the natural character of the wood show through. This includes the baseboard, crown molding, and moldings as well.

People like the natural. If a buyer wants to paint the trim, he will do it. At this time, he lets the natural beauty of the wood shine through.

When the walls have a fresh coat of paint and the carpets and floors are cleaned or replaced, the home is marketable.

Sell ​​the house ASAP so you can move on to your next project ASAP. Most likely, it generated interest just because of the exterior changes it made.

If you were to have an open house, there would already be a list of potential buyers ready to walk in and compete with each other, creating a shopping frenzy.

Fixing up a house this way can cost as little as $5,000 – $10,000 or so. These improvements still put the house at 30% below market value. More profit for you as an investor is the bottom line. This is how quick money is made when you flip that house the right way.