Could You Flip a House? Here Are Three Things To Consider

You’ve seen the shows. Now, could you really pull off a flip yourself? The overall task may seem daunting, but it’s possible with hard work, patience and organization. If you’re considering plunging into the real estate avenue, consider the following three points.

Seek Out a Good Deal

Sometimes the best flips aren’t the houses on the market. Focus instead on other avenues. Buy off market property. How is that possible? Start sending out inquiry letters and emails. You may be surprised by who answers. Many homeowners don’t want the hassle of doing through a big sale and stage. An introductory letter offering a good price could be enough to get them to bite. You get a lower asking price. They get out of listing it and simply waiting for the right person.

Focus on Cosmetic Improvements

It’s important to keep your renovation costs low. Therefore, stick to visual enhancements that don’t break the bank. Have an inspection prior to closing, ensuring that major structural components are acceptable. If it’s good to go, then begin planning for demo and changes. For example, bathrooms, kitchens and living spaces need to look modern and sleek. Remain focused on making them appear spacious, clean and easy to handle. This might include updating cabinets, counters and paintings. The wow factor doesn’t have to be something extravagant. It should look pleasing and modern.

Stay on Schedule

Your profit partly comes from your timeline. Each day the loan is out, you owe the bank more interest. With that in mind, establish a reasonable time frame for the project. In fact, factor in a few extra weeks. Life isn’t smooth, and neither is fixing up a home. Work with contractors to stay on target.

For quite a few, this investment proves lucrative. That could be you if you locate the right residence, stick to enhancing the appearance and remain on budget.