Among the different types of real estate investments, flipping houses is considered to be profitable and secure investment! Being a successful real estate investor and mentor, DC Fawcett teaches how to buy and sell houses to earn more profit!
House Flipping – A simple introduction
Real estate investors buys homes either searching online or at an auction and do repairs or renovations if needed. Then they sell them for higher profit to make money! It may seem to be an easy process but sometimes you may lose all your money if your decision goes wrong!
To get started with house flipping you need to have a strong credit source or cash. You need to prepare the acquisition cost which is essential for investment. Before planning to flip the house make sure you sell the property for more than acquisition price.
Along with acquisition price you may also need to do a major renovation or repair before selling the house. This could cost you thousands of dollars which depends upon the renovation work needed for the house. While selling the house you need to keep track of these expenses and make sure that the sale price exceeds the property acquisition and renovation costs. Only then you can gain the profit needed while flipping the houses.
Dc Fawcettt – How to start flipping a house?
Finding a property or house to flip is a time consuming process and you have to spend lot of time to find a genuine one. It can take from few weeks to months to find a house and renovate it before selling. You can refer to online multiple listing websites and do a thorough research on local cities and neighbourhoods and find houses to flip. Many flippers have bought the houses at an auction and flipped it successfully for profit after renovating it.
You can contact some real estate expert people who have been successful in house flipping. Learn the various tactics on how to find a property and start the renovating it before selling.
How to avoid mistakes while flipping houses?
Common mistakes first time flippers make while flipping houses is miscalculation of renovation cost. If you are about to start the business without any experience then it is really hard to calculate the total renovation cost accurately instead, you can seek the expert’s advice on the estimation costs and plan accordingly.
Get started with house flipping – Dc Fawcett Real Estate Tips
House flipping is an excellent way of earning in real estate if done right. Selection of location is an important factor which assures the profit. Search for location which is either highly in demand now or in near future so that people wishes to buy such properties for sure. The locality must have all the amenities which people desire and buying such properties will also increase the appreciation value of your house.
General suggestions for house flippers
If you are a first time house flippers then buy the houses which are structurally good. If you buy properties which needed to build from scratch then the job may get tough. Hence be on the safer side and buy the houses which need a simple renovation or repairs.
Depending upon your management skills and efficiency you can either hire a contractor or do the renovations job by yourself.
Hiring a contractor may cost you more than doing it by yourself but it can save you lot of time and energy.
Find the vendor who is motivated to sell the property quickly and buy the house for under market value of about 20 percent.