How to Flip a House - Though a lot of agents are now over pricing fixer-upper properties due to the great hype created by the famous “flip this house’ reality television shows, there are still some great buys out there. That’s only if you can spot them, buy them, fix them up, and sell them for substantial profit. And the profit margins are indeed huge. Making a hundred thousand dollars in 3 months is more than achievable, however, to avoid the costly mistakes that literally strip the shirts right off the backs of anxious investors one must make smart and well informed decisions. There are key factors that a one must consider and apply in order to make it successfully.
Buy the right property
You make your money on the purchase. The most lucrative house to flip is… Contact us for more details.
What to look for before you purchase a property
You are looking for a house with good bones; on a big lot; in a… Contact us for more details.
Higher a qualified home inspector
Your choice to save a couple of hundred dollars might run you and the people who invested their hard earned money and trust in your business idea down the drain. In buying an investment property, with so much at stake I caution you to higher the right home inspector. A home inspector who is… Contact us for more details.
Create a detailed checklist of required improvements
Have a vision. Know what you have and know where you wish to take it. Balance your checklist against ROI. Ensure that you are focusing your time, money and resources on the high impact areas while at the same time not neglecting to create a complete flow through the home. Areas of utmost priority would be curb appeal, kitchen, bathrooms, flooring, and… Contact us for more details.
Establish a realistic budget
Logistics, supplies and expenses keep it real. Ask yourself some serious questions. How much do you need? Where is the money coming from? How much are you paying in interest? What is your carrying cost? Are your estimates from your contractors and estimated cost of materials realistic? What happens should you meet unexpected costs… Contact us for more details.
Establish a realistic timeline
This is where your checklist becomes even more helpful. Take the list of required improvements and create a realistic estimate on how ling it is going to take you to demo, get permits, rebuild walls and … Contact us for more details.
Make it happen
Have a plan and make it happen. Know who is responsible for doing what and when. Contact us for more details.
Keep a low profile
When you are flipping a property it is best that you cover all the windows, keep the doors closed, limit the amount of garbage on the outside of the property as much as possible. Why? Contact us for more details.
In the city of Ottawa, you will need them for structure, electrical, and plumbing. As the Home Owner, there are some things that the City will permit you to do on your own. Contact us for more details.
FOR SALE sign on your lawn
Don’t start advertising until you are 95% done with the house. Some people will say advertise the moment you buy the property. The problem with that is Contact us for more details.
Stage your property
After exhausting so much time, energy, money and other resources in your flip it only makes sense to have it professionally staged to gain maximum impact and value. Contact us for more details.
Sell with a real estate agent or FOR SALE BY OWNER
This one is tricky because they both have pros and cons. However, should you decide on listing with a real estate agent you have to pick the right person for the job. Contact us for more details