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Is It Too Late To Get Into the Flipping Action?
By Citygate Homes LLC
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Is It Too Late To Get Into the Flipping Action?
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Due to current market conditions, new investors wonder whether it is too late to get into the action of house flipping.
It is not! Opportunities are greater than ever.
Even today, the average house flipping deal generates $18,381 in profit.
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Why Invest In Property Flipping?
Property values soaring fast. Interest rates still low.
There are plenty of distressed properties still on the market. Hence, it is good to buy/invest in.
Many properties still on the market selling for 30% to 50% under market values.
Market conditions influences buying activity.
With stronger economy and a more stable real estate market, consumers are more confident. Hence, they are buying.
House Flipping is all about profit margin.
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What Influences Buying Activity?
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Paying too much for the property.
Underestimating the cost of repairs.
Not obtaining multiple quotes from contractors.
Hiring contractors that perform low quality work, or use cheap materials.
Not having the proper inspections performed.
Not having exit strategies.
Mistakes To Avoid In House Flipping
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Know the local market.
Be sure to have all the necessary inspections performed to ensure you are not purchasing a home with structural damage or costly repairs.
Obtain plenty of quotes from contractors.
Add 10% to 15% more to the cost of repairs to ensure you do not underestimate the total expenses.
Have an exit strategy of what you will do with the property if you are not able to sell it.
Precautions To Follow In House Flipping
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