Posted on: 10 April 2017
With a keen eye for good property and a little real estate knowledge and construction experience, you just might be able to make a quick return by flipping a house, or basically buying it cheap, fixing it up, and selling fast for a profit. Flipping real estate is a good way to earn fast stacks of cash, but only if you truly know what you are doing. Where many newbies go wrong is in the initial investment. You have to know exactly what to look for in a house to ensure it's going to be an easy flip. Check out these key features to look for in a piece of residential property that is a potential successful flip.
The property is in an attractive location.
There are a lot of things a buyer looks for when they buy a home, but location truly is a big selling point. If you find an inexpensive home in a neighborhood that's not all that desirable, you may be wasting your time and effort trying to fix it up to resell. Chances are, a bad location will have you holding onto the property far longer than you need to in order to make any money.
Check the turnover rate of surrounding properties. If homeowners tend to move in and move out frequently, there could be locale issues at play. Likewise, you should ensure the property has close enough access to things like the following:
- a good public and private school system and even daycares
- good employment opportunities
- hospitals and health care centers
- shopping, dining, and other local attractions
The property has no major structural flaws.
There are fixer uppers, and then there are homes that will require a complete renovation; the distance between the two on the scale can be vast, and you definitely don't want to buy a home on the lower end of the spectrum if you plan to flip it. Houses with major structural problems should be avoided. There are a range of structural issues to lookout for when you are shopping for a home worthy of flipping:
- framing instability
- foundation problems
- basement deterioration
- sagging roof
Even though some of these issues may seem easy and affordable enough, these kinds of flaws are most often intertwined with hidden issues that may not be immediately obvious. For example, a home with a sagging roof may also have hidden water damage to contend with, which is never a good thing to have to throw money at during a house flip.
Keep these tips and work with a real estate agent to look at residential real estate for sale and find a great house to flip.Share