A shrewd investor can make a lot of money by flipping houses. Here are 7 tips to help you find the perfect flip.
1. Find properties that are solid but are diamonds in the rough. They mostly need cosmetic work and all the major things like roof, moisture/mold etc are not and will not be an issue in the near future.
2. The home should be in a good neighborhood and the surrounding properties should be well maintained.
3. The home should have a good layout. If not, potential should be there to take some walls out and make some changes like enlarging a small kitchen or adding a bathroom.
4. Ensure you have an inspection done by a certified profesional. This could save thousands of dollars in the long run.
5. Identify your potential buyers and design the house with their needs in mind.
6. Be realistic with your budget and always leave room for hidden costs.
7. Find a real estate agent who understands the market. There are thousands of real estate agents; get one who is experienced and understands the business of flipping houses!
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