Popular television shows make flipping your house seem simple and fun. They cause you to think it’s painless to make a significant profit quickly as easily. Before jumping feet first into the market and tackling a fix-and-flip property, it’s super important to consider four specific challenges that can make or break the sale.
#1 Fix and flip loans are available
It takes money to buy and flip a home. When first starting out or when your money is tied up in other investments, a house flipper may need financial assistance. You will want to look for a lender that help investors and house flippers with no – hassle underwriting, and fix and flip loans so that the project can move forward and money can be made.
#2 A Solid, Reliable Team is Essential
Every house flipper needs a good, reliable contractor. The contractor helps with the initial evaluation of the home before purchase to let the house flipper know what type of issues the property has and how much it will cost to fix. This helps determine how much to spend on the purchase. Along with a good contractor, round out the team with a talented landscaper and design expert when necessary; especially on the bigger, more sophisticated projects.
#3 Location Matters
A house flipper can purchase a property cheap and make it look beautiful, but it won’t sell for top dollar if the location doesn’t appeal to buyers. Houses located on active and/or noisy streets, near railroad tracks, or on a block with boarded up buildings are not prime locations. Buyers want attractive, safe neighborhoods and homes with easy access to amenities, schools, and public transportation.
#4 The Buy Price Can Mean Difference Between Profit and Loss
As a house flipper, the buying price is a critical number. Overspending on the house makes it difficult to break even, let alone make any money. The lower the buy price, the better the opportunity to make a significant profit. We will find the right real estate for you!
Call Alex Biliouris so he can put his extensive experience investing in real estate to work for you!