I am sure I have missed this among the thousands of blog articles and forum posts, but I am looking for a little advice if anyone can point me in the right direction.
I am interested in flipping my first house within the next year (I do not have a deal yet, but I am looking).
I understand that the general trend for selling is during the summer or early fall months.
Does anyone have any recommendations on a rough time frame for buying a property? With this being my first one, I would like to try to sell during the hotter market months rather than sit on it through next winter and I am having trouble estimating a rehab time frame.
Any thoughts on this would be highly appreciated!
It could take 1 day or months to find the right property In the winter there is less competition and more motivated sellers buy when you find the deal If the deal is good enough the buyers will appear
When ever you find a good deal just go for it. You want the Reno to take as short of a period of time as possible. Carrying costs eat up profits. Ideally 3-4 months. Provided you design the Reno to suite your market, not your own personal taste, and price it competitively there will always be a buyer regardless of the time of year.
Hmm, that makes sense. I assumed the best time to buy would be during the winter as prices seem to drop due to lower competition.
I will have to ramp up my search efforts and try to get something set up.
I have the whole newbie nervousness, have to find that happy medium between caution and analysis paralysis.
Thank you both very much for the input!
Hello Alex and welcome to BP. Do you own a primary home? If you don't, my advice would be to start there. You can find something that needs a little bit of work and house hack which means live there while you remodel at your own pace. My family and I recently bought an older home in an up and coming area. We have plans to update the kitchen and bathrooms while living here for at least one year in order to comply with owner occupancy requirements, once the year is up we could sell for a profit or rent it and buy another property.
Hi Ramon and thank you for the welcome!
I do not own a primary as of yet.
That sounds like an excellent idea, thank you for the tip!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing