Over the past five years or so, flipping real estate has gone to the forefront of real estate money making opportunities. However, flipping real estate is not for the weak, weary, broke, or inexperienced. It takes knowledge, time, dedication, an array of contacts and resources, and of course, money.
Not every home can be flipped. Don't think you can just buy a home you got 'a good deal' on and then resell it. It doesn't work like that. The only way you can actually make money doing a flip is to learn how to find and purchase the right type of property. This includes knowing the advantages of different locations, and what to expect to pay for the home and the necessary renovations.
The perfect flip is a home that actually is in need of many repairs. This is the reason you will be able to buy it for really cheap. However, to make this work, you also need to know how to do this for a minimum. Either do it yourself, call in some favors, or find contractors you have worked with before who will charge you reasonable rates and do a good job. This is the only way you'll make any money.
If you are someone who knows nothing about construction, this is probably not the money making opportunity you had hoped. It's fine to hire professionals, but without knowing what a good bid is, and without being able to assess the work being done, you could be wasting lots of money.
Before deciding to buy a property, it's vital that you actually see it. Too many first timers find a property online and actually buy it sight unseen. Big mistake! What happens? When you finally pass papers and go see it for the first time, you are guaranteed to find problems that were never disclosed. Serious cracks in the foundation, a completely flooded basement, old leaky plumbing, and outdated wiring can force you into bankruptcy before even lifting a paint brush.
It's always a good idea to bring an experienced contractor or at least a home inspector with you as you look at properties you are considering. Real estate agents are not trained and are not experienced in how to find properties for you to flip! They will sell you anything you want to buy; don't use their 'expertise' to base this type of decision on.
Assemble a list of contractors way in advance. No matter how much you think you want to do on your own, plan for problems way ahead of time. - 31864
Not every home can be flipped. Don't think you can just buy a home you got 'a good deal' on and then resell it. It doesn't work like that. The only way you can actually make money doing a flip is to learn how to find and purchase the right type of property. This includes knowing the advantages of different locations, and what to expect to pay for the home and the necessary renovations.
The perfect flip is a home that actually is in need of many repairs. This is the reason you will be able to buy it for really cheap. However, to make this work, you also need to know how to do this for a minimum. Either do it yourself, call in some favors, or find contractors you have worked with before who will charge you reasonable rates and do a good job. This is the only way you'll make any money.
If you are someone who knows nothing about construction, this is probably not the money making opportunity you had hoped. It's fine to hire professionals, but without knowing what a good bid is, and without being able to assess the work being done, you could be wasting lots of money.
Before deciding to buy a property, it's vital that you actually see it. Too many first timers find a property online and actually buy it sight unseen. Big mistake! What happens? When you finally pass papers and go see it for the first time, you are guaranteed to find problems that were never disclosed. Serious cracks in the foundation, a completely flooded basement, old leaky plumbing, and outdated wiring can force you into bankruptcy before even lifting a paint brush.
It's always a good idea to bring an experienced contractor or at least a home inspector with you as you look at properties you are considering. Real estate agents are not trained and are not experienced in how to find properties for you to flip! They will sell you anything you want to buy; don't use their 'expertise' to base this type of decision on.
Assemble a list of contractors way in advance. No matter how much you think you want to do on your own, plan for problems way ahead of time. - 31864
