It’s become quite the trend to transform a dull and drab piece of property you own into a luxurious, aesthetically pleasing home you can rent out for cash each month.
But the truth is, I've seen flips go amazingly well, AND I've seen them crash and burn. Bad. So, before you jump on the bandwagon, here are a few things to know about home flipping. You should know:
- Have a seriously healthy stash of cash solely earmarked for flipping the property. A good place to start is the 70% rule. (Google it, just do it).
- Have margin in your calendar each week to work on your flip. Seriously, it's not gonna flip itself.
- Ask family, friends, and coworkers for references to help build a list of skilled and reputable contractors. Then, call them early and pay them well.
- Be patient. Flipping houses ain't a walk in the park. You'll need lots of patience when things don't go as planned.
- Talk with a realtor who knows your neighborhood. Ask his or her advice on the projects with the highest ROI and the demands of today's buyer or renter.
Wanna talk about flipping properties or anything else real estate related? Reach out anytime!
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