Investing in real estate is one of the oldest means of building and storing wealth. However, it is only just recently that “flipping” of houses – buying at a low price, renovating and selling at a higher price – became popular. For many, house flipping has become a full-time career and a primary source of income.
So, are you interested in learning what it takes to become a successful house flipper?
Research Local Regulations And Legal Requirements
The first thing to do is start researching the local regulations and requirements for house flippers. Going online and reading through the laws or calling an experienced real estate agent to find the details both work. It is essential to know the rules of the game before going all in.Gathering Resources
Gathering both financial and human resources happens next. Set aside enough cash for a down payment, or to buy a house all together. A must would be having a real estate agent, a mortgage professional and a real estate attorney on hand. Depending on the difficulty of what needs to be renovated before reselling, contractors are well versed and experts in this area and could be a great asset.How To Assess Potential Investment Properties
Successful house flippers develop an eye for undervalued properties. A goal is to find a home that is listed low but has a lot of room for improvement. The fundamentals of the property – its location, the size of the land, the home’s foundation, etc. – should be good. Sourcing out homeowners, that are willing to sell but haven’t listed their home yet is a valued skill in the industry. If the opportunity of a private sale comes, it will save money and time against competitors.Making The First Flip
After building a good team and learning the rules. You are ready to hunt for listings. This is where the game starts. As foreclosure rates have trended down recently, it can be hard to find the perfect opportunity. However, as this is the first flip, the goal should be centered on learning the flipping process without losing any money. Keep an open mind and don’t worry about trying to score big. Instead, buy the right home, renovate to add value and relist quickly and move on. When you’re ready to start the search for flip-ready properties, we’re here to help. Contact our professional team to qualify now so theres a healthy return on the flipped house.Latest Articles
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