This is still a good market years for investors and others to buy houses, refurbish them and resale them for profit. Regardless if your flip only needs cosmetic upgrades or more extensive renovations, it is critical that you have a plan and know what you are doing. In my experience, I have seen houses bought as foreclosures with intentions of flipping only to go back into foreclosure because the renovator did not have a plan of action or sufficient budget to work with.
There are many considerations to buying, renovating and successfully selling a flip for profit. With a good plan, you have the potential to make a substantial profit. Without a good plan and a budget to work by, the losses can also be substantial. Know your numbers before you start to avoid costly mistakes!
When searching for potential properties to flip, it pays to have a working relationship with a good REALTOR®. There are many people in the business of turning a real estate flip and timing is everything. As your REALTOR® I will provide you with potential properties to see as soon as they hit the market. There is normally no added expense to you the buyer, to be represented by a buyer’s agent. There may be savings however, because as your buyer’s agent, my job is to see that mistakes are not made that could cost you money.
You may email me at Donna.Harris@LNF.com to request a copy of my Home Flip calculation worksheet or complete the form at the bottom of this page. Note, the worksheet is an Microsoft Excel document.Remember, if you have legal or accounting questions, contact your lawyer or accountant.