Flipping Properties For Profit



Flipping Properties For Profit

Flipping Properties for Profit
So, you want to​ get into the flipping game and make money or​ possibly you had a​ bad experience with flipping a​ property and want to​ learn how to​ flip a​ property and actually make money? First of​ all, let me say that I​ don’t believe in​ expecting a​ large return on a​ flip if​ all you do is​ sign your name on a​ closing statement and expect to​ turn it​ around quickly .​
It’s just not that easy.
What can happen though is​ that if​ you follow some of​ my techniques you can expect to​ earn a​ nice profit for yourself .​
There are five keys to​ success that I​ would like to​ discuss in​ this article .​
They are: (1) you must buy the property right, (2) you should be willing to​ shop for good deals, (3) you must not be afraid to​ get your hands dirty, (4) you must be reasonably handy, and (5) you need to​ do most of​ the work yourself.
How to​ buy the property right .​
Here’s where you need to​ either be a​ real estate agent or​ work with one .​
Knowing the market area is​ essential to​ getting the right house at​ the right price .​
Are prices in​ this area increasing? Are others improving their homes? is​ the home’s sale price consistent with the repairs needed? Does the listing allow for an​ easy out of​ the contract should you learn something during the home inspection stage? It is​ my opinion that you definitely need a​ home inspection because you want to​ know everything that is​ wrong with this house before you start.
You should be willing to​ shop for good deals .​
First thing I​ always do is​ set a​ budget .​
It’s not iron clad, but it​ is​ a​ starting point .​
You know what you bought the home for and you know roughly how much you want to​ get out of​ it, so now work backwards .​
What needs to​ be done and how much money can you allocate to​ it? Be methodical, make a​ list and try to​ stick to​ it .​
Shop hard for sales, closeouts, and alternatives .​
Many of​ the home improvement stores put closeouts out front early in​ the morning .​
Swing by on your way to​ work .​
Check garage sales, newspaper ads, and even the internet .​
While you certainly should buy quality materials, you need to​ resist the urge to​ buy the nicer faucet or​ the prettier cabinet pulls .​
Always buy with price and quality in​ mind with a​ close eye on the budget .​
Over-spending is​ a​ common pitfall.
You must not be afraid to​ get your hands dirty .​
If a​ home needs to​ be remodeled, chances are it​ is​ pretty dirty too .​
Hiring a​ cleaning person is​ expensive and not necessary .​
Anyone can scrub .​
It’s good exercise too .​
The yard most likely is​ a​ mess since the previous owners probably neglected it .​
Some of​ the hardest work is​ done in​ the yard .​
Having the right tools is​ key, but you don’t have to​ buy them, most of​ them can be rented.
You must be reasonably handy and you need to​ do most of​ the work yourself pretty much go hand in​ hand .​
You should consider finding another hobby if​ you cannot do average repairs yourself or​ if​ you don’t enjoy it .​
If you get stuck and have to​ bring the professionals in​ for a​ botched job, your profits will quickly go down the drain .​
Labor is​ very expensive to​ pay someone for and should be used sparingly.

Flipping Properties For Profit





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