Flipping Homes in Raleigh
By Karen Hoeve
Published 04/30/2007 | Real Estate
There is a craze sweeping the nation; flipping homes for great profits. Anyone who has spent a bit of time watching TV can attest to the fact that home flipping has caught on. So the question is, how can the average guy get in on this trend? Well, flipping homes takes a bit of knowledge about the risks and how to prioritize things, but once you have that figured out it should be no trouble. Planning and being ready for any eventuality is critical, so if this is your first flip, then be extra-careful and make sure that you contingency plans and funds in place.
For your first time, try to find a home that will require only cosmetic fixes. Structural fixes can be expensive and time consuming so it's best to stick to things like paint and fixtures. Also, homes that require structural repairs tend to take much longer and this will definitely cut into your profit from the sale as there will be monthly costs while the repairs are happening. Remember, the longer tings take the more your profit will be diminished. But don't rush through the fixes and do lower quality work. This process is all about finding the right balance. Now you need to find the right house. In looking, try to look at homes in terms of what they "could be." Potential is the keyword here. If a home can have it's whole look changed by a paint job and some cleanup, then you may have found a gem,
Have a plan of action for when you close on the home. Set yourself a timeline of jobs to do and see that you stick to it as best you can. Its also a good idea to have everything that you need for the renos ready to go by the time you close on the house so there is little time wasted before the fixes start. Try to highlight popular selling points in your renovations. Try to find out what is currently helping to sell homes in your area and include that in your upgrades.
Karen Hoeve is a professional realtor who specializes in the dynamic Raleigh real estate
market. With over 20 years experience, Karen has dedicated her life to bringing families and homes together. For more information contact Karen
today or visit www.yourraleigh.com.