i've had some inquiries lately about house flipping. now that the market is starting to improve, my clients are starting to see the value in purchasing real estate as an investment again, instead of just as a housing solution.
i think flipping is a GREAT idea if you do it right, but there is a lot of time,work and research involved.
THE MONEY: you need to work out a budget for the project. how much do you have for a downpayment? do you qualify for financing on a 2nd property? do you have liquid cash for the cost of materials and labour to improve the property or do you qualify for a line of credit to cover that cost? what kinds of carrying costs are you looking at until the house resells? what type of value return can you get on the flipped property you're considering?
THE HOUSE: how much work does it need? is there anything major wrong with the home. are you looking to do major changes for a bigger return or cosmetic improvements for a small safe return on your investment?
THE TIME: when do you want to start your project? do you have a team ready or do you need to hire a professional? have you strategized your plan of attack with specific dates and deadlines in mind?
these are just a few of the things you need to consider when buying a flip property, but if you do it right, it can be a real money maker for you. i know people who just supervise the flips at this point and don't even do any of the work and it's their full time job! but it doesn't start out that easy. everything builds from your last project and it's a challenging thing to undertake if you're jumping in on your own.
I'm experienced in the process. Call me and let's talk about how to make it happen for you.
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