I am new at this and would love some feedback as to what are your major "Must" & "Must Not's" when looking for/at a Flip Property?

Question

Just reaching out for advice in purchasing a Flip Property. I am seeing a lot out there, just trying to educate as to what's a "no no" and what's lucrative! Any advice is appreciated! I have found some good potentials but am worried about the amount I'll have to put in to get something worthwhile out.

Gavin Peacock · Answer

Hi Raj! There are so many do's, and so many don't's, that you could write a book. My biggest do suggestion would be, do be prepared, and have everything ready to go. Your financing, your contractors, and your plan. My biggest don't, (from recent experience), is DON'T buy a house that has bad neighbors! I was over the moon with my latest flip. Everything went great, but I bought next to a terrible neighbor. Junk cars, a junk boat, an RV, loads of foot traffic, and an off-leash dog. I had no offers for the first 25 days, even though the house was being viewed every single day. On day 26, I received a slightly-less-than full price offer, and I accepted it immediately. The whole time, I had the presence of the neighbor on my mind. It was almost a deal breaker, and it was certainly something I overlooked in the beginning. Never again though; that was an important lesson! Good luck in your career, Raj!

Mark Nolan · Answer

@Raj K.

Welcome to Bigger Pockets community. Be sure to check out “Learn” for all kinds of useful resources and free how to guides.

CHristopher Mccann · Answer

Hello everyone.

I am new at this and would love some feedback as new beginner property investor I am looking forward to meet with you all and making friends with like minded people.

I would also like to know if there are any like minded people in my Area, if so please do get in touch but I do hope to hear from you all soon.

Christopher

Christopher Brainard · Answer

1) Do not overpay for a property. Profit is made when you buy, not when you sell.

2) Do not overimprove the property or personalize it. The goal is to make the property sell for as much as possible and appeal to the most buyers. Don't let your personal tastes get involved.

3) Do the kitchens and bathrooms right. They are the primary selling features and should really pop.

4) Do scout the competition before you choose the finishes for your house. Understand what the standards are for the area and ensure your house beats the competition.

-Christopher