Flipping homes refers to the practice of purchasing a house, completing necessary renovations, and then selling it for a profit. Many people attempt to do this and are unsuccessful, because there is a lot of risk involved. Buying a home is typically the biggest financial investment a person makes. Buying a home and hoping to flip it for a profit in a short amount of time is risky, but can have major payoff. Just look at all the shows on HGTV!
If you're considering trying to flip a home, here are some tips:
- Work with your local professional real estate agent--me! You need an expert to help you navigate the process of buying a home, since resale is an incredibly important factor. I can help you find a property that you can eventually sell for top dollar, taking into consideration the market, area, type of home, economic projections and more.
- Make sure you have the economic means to purchase a property. You cannot bank on the house reselling in the amount of time you've projected, so make sure that you can essentially float the mortgage if need be. You want this process to be a blessing on your business, not a curse.
- Talk to the experts! This is not a time to "google and hope for the best." Ensure a proper home inspection is done, meet with different contractors to get quotes, and feel free to DIY what you're good at, but leave the rest to the professionals. Trust the expert advice of trusted experts.
The most common advice out there? Be prepared for your plans to change, for things to go wrong, and for unexpected happy accidents. Flipping homes is a lot of work, whether you're doing the manual labour or not. It is a major, emotional process. Surround yourself with a good team of people and take each curveball as a fun challenge.
Ready to find your first property to flip? Call me today at 403-630-6363.
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