House Flipping: What does it involve? 
Many Real Estate Investors,wholesalers and home buyers think that house\flipping is more than just buying a property and selling it for a profit. House flipping is about transforming a house and creating a space that someone would love to call a home.
Here is a rundown of what it involves!🏡
1. Do your Homework: This is the one I feel is the most imperative thing that you must do before you purchase a house that you intend to flip. It is very imperative to understand the local real estate market. A DMV real estate agent like myself can help you with by showing you some comparative property along with recent sales in a neighborhood or area to help you with making your decision.
Look for neighborhoods on the rise or with good school and amenties. There is even one study that stated Living close to starbucks increases your house value So if the house is near a Starbucks... That's a plus.
2. Find the Right Property: Look for distressed properties sold below market value. These properties often require minor or major work needed to be done. But these properties can yield a great return on your investment. Also reviewing reports such as the REMODELING-2024 COST VS VALUE REPORTwill help you determine what projects done in your house will yield a great return.
3. Budget Wisely.🧮: Beyond purchase price,factor in renovation cost,holding costs, and potential selling costs. Also have an additional money for unexpected expenses. Things don't always go as planned. If only things did right?
4. Renovate Smart: Focus on renovations that increase home value-like kitchens,bathrooms, and curb appeal. But don't overdo it: You still need to sell at a competitive price. Once you have done renovations to your house,go to my Seller Valuation site to find out How much houses are currently selling for in your neighborhood or area.
5. Sell it: Once renovations are complete,set a "STARTING LIST PRICE" on your house based on recent solds in your area or neighborhood. It is very imperative that your house is priced right according to the current local real estate market.
Price the house too high and it won't sell. Price it too low and you will lose profit. The goal is to net as much money possible from the sale of your house and leave no money on the closing table.
House Flipping is not a get rich quick scheme. It requires research,financial planning and a lot of hardwork. But with patience and strategy,it can be a lucrative venture.
And if you need a local DMV Real Estate Agent like myself to help you purchase your next investment property,please don't hesitate to Book a Consultation with me
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