Keys to Success When it Comes to Flipping Your Home or Investment Property
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At a time when real estate has become more affordable than ever, some Americans are venturing into the world of real estate by investing in property. In particular, they are learning about buying homes, fixing them up, and selling them for a profit, also known as “flipping houses.”
“Flipping houses” is nothing new to full-time real estate agents in their industry. But to the homeowner looking to make some extra income on the side, “flipping homes” is somewhat new and unfamiliar. But you don’t have to be a trained real estate professional to invest in residential property if you abide by the following principles:
Look for Structure
When it comes to flipping a home, look for a house that is structurally sound. That means you need to perform your due diligence by hiring a home inspector to ensure there is no mold, sign of termites, or major electrical issues. Are their problems with the property’s foundation? Is the area prone to sinkholes? What about the integrity of the roof? Is it structure sound and fit to withstand a hurricane or does it need upgrades? Do all of this prior to purchasing a home. If there are problems, see if they’re fixable. Find out the cost of fixing them and see how much you can talk the seller down. This may be a reason for an initially low listing price.
Location Matters
If you can find a fixer-upper in a nice, safe neighborhood, you’ll see the value of your home improve dramatically. You may even wish to hold onto the home long-term and rent it out as values improve before eventually selling it. When searching neighborhoods, read the local paper or search online for crime reports. This data should be easily accessible. Are there a lot of families in the area? Nearby schools? Is flooding ever an issue? Is accessibility ever a problem with road closures and construction?
Think of Your Target Market
If you’re looking for fixer-uppers, and you come across a two-bedroom, one-and-a-half bath home with a small kitchen, near a bustling section of town, it’s highly-likely that you won’t be targeting a family. It’s just not practical. With that type of property, you could certainly cater to the first-time home buyer or newly-weds. In that scenario, it could be perfect. On the other-hand, a three-bedroom, two-bath home in a neighborhood featuring two schools within walking distance is perfect to sell to a family of three or four. The key is seeing potential before you buy, and knowing who you’re going to market before you buy.
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Author Resource:-
Direct Express Realty is a realtor specializing in St Petersburg Foreclosures and REOs. Contact Direct Express to Invest in St Petersburg Foreclosures or for Remodeling Investment Property in St Petersburg
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By :
Digital Eel
Submitted
2012-01-18 22:45:08 |
Article From Article Mayhem
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