This week, CNBC reported that house flipping, or buying and selling within a 6-month period of time, is gaining in popularity again as the real estate market rebounds. RealtyTrac stated that the business has increased 74 percent since 2011. That’s a lot of activity and decent profit in a short period of time. So, have you considered hopping on this bandwagon before the competition is too much? Kathy Jackson Realty is ready to help, but for those new to the game, there are many things to consider as flipping is not for the meek.
Patience: If you’ve decided to flip overnight, you might want to slow down before you take the plunge. Serious flippers choose their Western Kentucky homes wisely and with patience. Are you open to foreclosures and short sales? Are you willing to wait out the process that comes with those types of properties? Have you researched the area first? Plan-Research-Wait
Have Cash Will Flip: Will you finance the project on your own or should you consider a partner? With more rigid lending requirements for Western Kentucky buyers, having cash on hand can make the process much smoother.
Plan, and Plan Some More: It’s much different to search for a home you intend to flip than one you will live in. As a flipper, you’re on a tight schedule, and an even tighter budget. Make sure your design plan includes a contingency budget, and that you aren’t over designing for your market.
Confidence and a good business sense mean everything in the business of house flipping. No matter how long you’ve been at it, inform your Western Kentucky real estate professional of your intentions and use their expertise as another tool to your success. Happy flipping and good luck!
Kathy Jackson | REALTOR®
RE/MAX Midwest Real Estate Group
2011 100% Club Member
Certified Distressed Property Expert
12252 Hwy 41 N | Evansville, IN 47725
Cell: 270.844.2607
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