WHEN WORKING WITH CLIENTS WHO WANT TO VENTURE INTO THE MARKET OF FLIPPING HOUSES....REMEMBER ...
ALWAYS REMEMBER YOUR TARGET. TOO MANY TIMES, NEW HOME FLIPPERS ARE ENCHANTED WITH TV SHOWS PROMISING LARGE RETURNS FOR THEIR OVER THE TOP FLIPS.....
IF YOUR CLIENT IS FLIPPING A HOME IN THE 100K RANGE... REMIND THEM TO KEEP IT SIMPLE, CLEAN, OPEN AND THAT THEY DON'T NEED FANCY GRANITE, SINKS, FIXTURES ETC... THEY ALL TO OFTEN FORGET THAT MANY OF THESE FLIPS ARE BEST IF KEPT SIMPLE.....
RECENTLY I HAD A CLIENT WITH BIG DREAMS OF THE "PERFECT FLIP"... THEY INVISIONED GRANITE COUNTERTOPS, CERAMIC TILE, EXCITING FIXTURES, UPGRADED HIGH END BATHROOMS AND MORE... THE ONLY PROBLEM, IT WAS A 130K HOME..... THEY SPENT OVER THE TOP, HOPED TO BREAK THE BANK WITH A HUGE RETURN AND FOUND THEMSELVES ON THE MARKET FAR TOO LONG... FAILING TO GET THEIR DREAM PRICE AND IN THE END ..... WINDING UP TAKING A HEAFTY LOSS.
REMEMBER, MOST FLIPS, IN THE MODERATE RANGE ARE JUST THAT... MODERATE... GOOD ROOF, EXTERIOR, CURB APPEAL, CLEAN, WELL APPOINTED BUT SIMPLE AND BASIC.... THESE HOMES SELL AND THE RETURN IS BEST IF THE HOME IS DONE QUICKLY AND PRICED TO SELL.....
THEN YOU ARE OFF TO ANOTHER FLIP AND BEFORE YOU KNOW IT YOU ARE ON YOUR WAY TO A SUCCESSFUL CAREER IN FAST, AFFORDABLE FLIPPING WITH GREAT RETURNS.
THIS IS NOT TO SAY THAT THERE IS NOT ROOM FOR THE OVER THE TOP OR HIGH END FLIP... YOU JUST HAVE TO ALWAYS REMEMBER YOUR MARKET, YOUR TIME FRAME AND IF IT TAKES TOO LONG OR COSTS TOO MUCH YOU PROBABLY HAVE MISSED THE BOAT.. LOST THE PROFIT AND IN THE END.... FORGOTTEN THAT THE QUICK, SIMPLE FLIP BRINGS HIGH RETURNS.
DON'T GET GREEDY OR CAUGHT UP IN YOUR OWN IDEA OF YOUR DREAM HOME AND YOU WILL FIND THAT FLIPS WILL TAKE YOU FAR. GOOD LUCK AND HAPPY FLIPPING.
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