Property flipping is the process by which you purchase a rundown house or condo, do the major repairs and renovations and then sell it for a higher price. Several people make good money out of property flipping, while some does not seem to get a hang out of it. It is not easy as it looks, because you have to choose the right property and make profit (when you sell the home) after all the renovations. Actually, it is professionals who actually do property flipping, but you can do it too with a little help from an experienced realtor in Dayton. You must have watched programs on TV that talk about the ease and quickness of a flipped property. But that is not entirely true, because it is not as easy as it looks. However, here are some tips you can follow when you want to flip a Dayton property.
Realise the potential of the property
Sometimes the Dayton property that you are thinking of buying may not be good in the conventional style. It may be completely run down and nondescript building, but you need to search for the value in such a property. Of course, not every property has a value, but certain ones have and your realtor in Dayton would be the best person to guide you.
Noting its correct value
When you buy a home in Dayton, you assume a certain profit level on it. The profit that you get should always cover the expense that you have to do on the repairs and innovations and earn you a good profit. It is called ARV or After-repairs Value. Deciding on the ARV factor for single-family homes is much easier than with multi-family homes.
Home inspections - they are a must
To note the correct value of each home, you need to know the importance of home inspections. Getting the homes inspected right from top to bottom will give you an idea of the expenses that you incur during the repairs. This is also an important stage in home purchase because only then you will get expenses and profit ratio right. Homes that look perfect when looked from the outside will contain several hidden defects. So getting a team of experts is a must. When you do the repairs, make sure the home is weather resistant and storm resistant. This will cost money, so be prepared for it when you calculate the value.
HomeBackers Realty is an expert realtor in Dayton with years of real estate experience that you can trust. Buying a house via HomeBackers can save you time and money as well they will negotiate on your behalf. They can find you the best specials. If your desire to own a home is based on to create stability, keeping control over your living situation, building asset and investing for your future, just go for it Dayton is the best choice. Make your life simple and comfortable by choosing Homes in Dayton, be in safe hands! Please feel free to contact us or call 937-754-1111 for further details.