Save Time & Make More Money House Flipping
Amy J Yoshimitsu
Protecting and growing real estate investors and small business owners so they save time, make more money, and have peace of mind with our legal services, business tools, and strategies.
The Fourth of Seven Strategies: House Flipping.
House flipping, also known as “fix-and-flip,” is a real estate strategy that involves buying a fixer upper or undervalued property at a lower price, remodeling it, and then, quickly selling it for your profit in it’s fixed up remodeled condition.
Many of the television shows are based on this Flipping strategy. The best homes to flip are the ones that need only minor updates to be ready for sale. However, bigger fixers make bigger profits, generally!
Look for the ugly houses, tall grass, maybe a broken window or two. The uglier, the more profits for YOU! House flippers like you don’t rent or refinance properties. We are more interested in fixing them up, selling them, and then moving on to the next opportunity!
If you are active at getting the word out you’re looking, these ugly little gem property leads can be obtained from Bird Dogs, or Wholesalers as was discussed in the earlier Fast Cash Strategies.
You may also find help from Realtors. They can help in finding under market properties and determining comparable values (“comps”) of similar properties in the area.
Finding other investors, online sites, or auctions are other ways to acquire these fixer upper properties. It is great to find properties that only need hair and makeup. That can be a quick profit for your time!
More extensive remodeling projects can be great strategy for more experienced real estate investors. These ‘project houses,’ that need extensive remodeling are for those who don’t mind putting in the time and effort to rebuild or remodel a house from bottom to top.
Value adds begin with remodeling the kitchen and bathrooms! If you can acquire the necessary funds, you will have fun and generate lots of quick income by flipping houses!
Experience level: Medium to High.
You will need to be accurate about your numbers! Discover and negotiate the purchase price, the remodeling costs, and identify the possible and accurate sell price. There may be some hidden fees so sharpen your pencil, check and double check your numbers.
We want you to make a profit!
Knowing your numbers and having accurate calculations will be vital to your success in flipping!
Use the Maximum Offer Formula = ARV x 70% - Repairs (ARV = ‘After Repaired Value’)
Effort: High as it takes time to rehab Investment amount:
You will need money to purchase, remodel, and sell the fixed up property. Make sure to figure in Holding costs, loan fees, realtor fees if using a realtor. Add to your list: insurance, taxes, and utilities.
Type of return: Medium - High
You will be paid a One-time lump sum return on your investment. You make this only after the sale of the property. To make money again, you will be required to repeat the process to make money again.
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Book of the Week: The Business of Flipping Homes: Short-Term Real Estate Investing for Long-Term Wealth Paperback – February 7, 2017 by William Bronchick (Author), Robert Dahlstrom (Author)
Grab it on Amazon: https://amzn.to/4cs9lKl ++++++++++++++++++++++++++++++++++
Joke of the Week: Why did the real estate agent always have a positive outlook? Because he had a "sunny" disposition in the housing market! +++++++++++++++++++++++++
**Are you on the lookout for more real estate investing strategies? check out 7 Fast Cash Real Estate Strategies https://LadiesOfJusticeleague.com/Cash
Be sure to get other helpful information to Save Time & Make More Money https://LadiesOfJusticeLeague.com
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