Updated almost 3 years ago on . Most recent reply
New to flipping
Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.
Most Popular Reply
Hi Kimberly, the fix and flip strategy can be a profitable venture if you've done everything correctly. You may want to make sure that you follow these top 4 tips that I have:
1. Do your research - Before purchasing a property, make sure you conduct thorough research on the location, the property's condition, and the potential cost of repairs. This will help you make an informed decision on whether the property is a good investment.
2. Know your renovation budget - You don't wanna overdo or underdo a property. Focus on the right improvements that will add value to your property.
3. Know your after repair value - The goal of flipping is to make money so you have to make sure you're not covering your all-in cost and you're actually making a profit
4. Time your sale right - When the market is favorable and the demand for housing is increasing, that's the best time to do it. This can help you avoid having to list your property for too long. Hope this helps and best wishes to your real estate journey!