Fix and Flip in Sioux Falls, SD Search for homes for sale in Sioux Falls SD
As a real estate professional, I love watching my clients make money. I've helped many of them do just that. The more they make, the more I make. Everyone should make money in real estate right? Of course. I watch HGTV. I know how easy it really is. Buy cheap and sell high. It seems pretty simple. The reality of reality TV is quite the opposite.
I did a Google search without quotation marks for fix and flip. From that, I received 11,700,000 results. That is a lot of advice. Within the first four results, I found the phrases: Make an easy profit, no experience required, and a reference stating that anyone can do it. Did I read that right? Easy profit? Where do I sign up?
I will admit there are times when it may seem rather easy. When the market is in recovery, it provides some great opportunities. REO properties can be a great bargain or a great burden. I have seen the worst of surprises and the best. Investors need to plan for problems and unforeseen issues and be pleasantly surprised to not find them.
When you are in the business to fix and flip properties, you don't want the home to scream that you are in the business of turning properties. I firmly believe if you wish to make money at it, you must be able to do the majority of the work yourself. If you do the work yourself, hopefully you are proud of it. Trust me, pride shows (and doesn't cost you anything either).
This business is all about margins. Having a market-knowledgeable Realtor on your side is invaluable. If your greatest talent is swinging the hammer, let your Realtor utilize theirs...analyzing the market. Their job is to identify the bargains and show the bottom line once the project is complete. Your job is to follow a predetermined budget and kick out a quality finished product.
Fixing and flipping real estate can be profitable but it is rarely easy. Seek good advice but remember, not everyone is an expert. It takes a sharp pencil and some business savvy to fix and flip properties. Do not start until you have talked to a real estate professional with investment experience.
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