Fix & Flip during Recession

[Christopher Munoz]

Hello everyone, what are some good tips to follow when fixing and flipping during the uncertain times coming up and reduce my risk? Almost every indicator is pointing towards a slowdown / pullback. My biggest fear as a new investor is getting stuck with a house that cannot be sold for a profit and going into large debt. Here are the fundamentals I will be following below. I know people made money flipping even during the 2008-2010 times. Thanks!

- Get better deals. Be more strict with minimum profit margins (30% minimum)

- Be on top of the project. Get rehab completed as fast as possible (while not sacrificing quality of course)

- Make sure the market has a fast DOM and is growing 

- Invest in good areas with low crime

- Have multiple exit strategies. Turn into rental, airbnb, or even live there as a last resort

[Bruce Woodruff]

It's still doable, you just need to find a property where the numbers work. Meaning you need to find a more distressed property or one that is somehow a better deal. Maybe offer less, don't require inspections, take 'as-is', quicker closing/shorter escrow....things like that will entice a seller to take your offer.