My husband and I will be heading to the closing table in a few weeks...next stop...the bank! While many say it is a great time to buy, but not to sell, I say...
"It's a great time for both...if you do it right!"
Flipping homes in this market is not for the faint of heart. You need determination, education, dedication, patience, guts, savvy and a strong dose of faith and trust! Do your homework, do it right, and there is money to be made. Here are five quick tips:
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Don't pay too much! ~ Your money is made when you buy not when you sell. Pay too much and you may have trouble recouping when it comes time to sell.
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Get it looked at. ~ While you may not need to do a full inspection, we always have "Our Guy" come and check things over prior to purchasing as he may pick up on some big money fixes that we will need to consider.
- Work it out!!! ~ Figure out all the cost involved, purchase price, renevation cost, holding cost, commisions, taxes...and then... add in several thousand as a buffer.
- Have a clear idea what the selling price will be before you buy! ~ So many investors skip this step and get burned when their agent disappoints them at listing time. Make sure there is good room for profit ahead of time.
And Last but MOST important...
- STAGE, STAGE, STAGE... and then stage some more! ~ Lucky for me, I am a stager but even if I weren't, This would be one piece of the puzzle I would never leave out. This is the secret ingredient that assures our success. Hire a professional! Staging will set you apart from all of the other investors out there who still have not realized the value of this investment...Hire a professional!
Here are some of the before and afters of our most recent project...
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