We continue our preparation series today, with five additional things to consider when you are flipping a property. Being prepared before you start the flipping process will eliminate unnecessary stress and financial burden.
#9: Know What You Want
Have you ever heard the phrase, “It doesn’t matter which road you take if you don’t know where you are going?” This applies to flipping properties as well. It is imperative that you know what you are looking for when looking at property options. 3 bedroom homes? 5 bedroom? How many square feet? Write down what you want to eliminate wasted time when you are sifting through potential properties.
#10: Pass the Buck — Literally
If you are shopping on MLS for properties, opt to use a real estate agent. The seller pays their commission and so there is no additional out of pocket expense for you.
#11: Location, location, location
Purchase properties in areas that are already proven as popular. Purchasing a property in a difficult area, regardless of the price will result in a difficult sell for you and unwanted pressure and stress.
#12: Be the Worst
While it’s uncommon to hear this as a recommendation, it works well within the flipping industry. As far as property values go, it is preferable to be a low value property in an area with homes that are valued higher.
#13: Beware of Dogs
Sometimes, the neighbor’s “Beware of Dog” sign should be taken a little more literally. While not always the case, neighbor’s pets, particularly barking dogs can dissuade potential buyers from seriously considering your property, regardless of how nice it is. Neighbors with dogs or other animals considered a nuisance can kill the sale of your flip. Do your research and know the neighbors…. and their loveable pets.
For more information on property flipping and financing, contact Black Square today.