What are FLIPS…a flip is where a seller buys a property with the intention to repair it and re-sell it for a profit. This has been easy to do over the past 2 years for many contractors, although I have witnessed several examples of ‘poor judgement’ from the NEWER investor lately and it’s a costly lesson! With the radio commercials pushing seminars, to TV infomercials promising huge rewards…it’s tempting.
Many NEW investors entering into this arena miscalculate the repair costs or over improve a property to standards so that they will not get the return on the investment. (The property generally needs to appraise with any loan) Sellers doing the repairs themselves can save the most money as handymen are costly, but don’t over improve a home. It’s important to remember that values need to be real! Do not speculate on market increases, they are not guaranteed and this can be risky!
Finding the right agent to help guide you thru the process is critical. I can help identify the timing and proper repairs needed to attract qualified buyer.
FLIPS are still possible if you are patient. Email me for more information on the process of flipping a home.