People has used several ways to produce and accumulate wealth over the years, the most prevalent of which has been investing in real estate. However, this concept of “flipping” a house – buying at a low rate and selling at a higher one after renovations – has only recently gained popularity. Many people have made this idea into their full-time career, with their lives depending upon the income it yields.
Seems interesting? To see if you have what it takes to learn the art of successful house flipping, read on to learn more about this unique way of real estate investment.
Research the laws and regulations pertaining to house flippers
Your first step should always be the thorough research of the legalities regarding house flippers in your locality. This can be done in numerous ways, including simply researching online to gain some baseline knowledge about the laws or by calling up an established real estate agent (who’s already in the game) and asking them about it. Whether the former or the latter, you should have an idea of the regulations you’re about to play along the lines of.
Salvaging for resources
Numero dos – gathering resources. These include both financial and human. Not only will you need to have to set money aside for the purchase of houses but will also require other assets. These may include, at the very least, people like a real estate attorney or a mortgage professional.
And unless you’re gifted with the necessary skills and expertise the task requires, you may even need to hire contractors for the renovations that will take place.
Looking for the right place to invest your money
All of the most successful house flippers out there in the markets have a keen eye for properties that are undervalued. An ideal property is one that has its fundamentals – size of the land, the locations, etc. – in good condition and is listed low but with room for improvement.
Secondly, securing private sales is the best deal you are ever going to get. Not only will this save you from the hassle of bidding against other flippers, but it will also save you money. To do this, you NEED to get good at finding out homeowners who haven’t listed their property, but are definitely in the mood to sell.
Landing your first flip
You’ve gained the knowledge, got yourself a team and have now begun the hunt for listings. It will be at this moment that you will need to be extremely careful as you make your moves. While it may be hard to find the perfect opportunity at first, you should have an open mind with the goal to learn without worrying about scoring big.
Learn to spot the cons
When you’re out looking for home there may some deals that are a little too good to be true. Be careful of the different house cons out there. Lot of websites, like craigslist have them so be sure to fully vet your prospects.
Feel confident enough? When you feel that you’re ready to begin your search for such properties, we’re here to do our part. Contact our experienced real estate team to gain a ready-made listing of homes in your locality that may be able to yield potentially healthy returns.
