Basically, the term “house flipping” is used by real estate investors to describe the process of buying, rehabbing, and selling properties for profit. Profits from flipping real estate come from either buying low and selling high (often in a rapidly rising market), or buying a house that needs repair and fixing it up before reselling it for a profit (“fix and flip”). Although flipping is a popular business, turning it into a profit is not as simple as buying a cheap home, renovating it, then selling it at a certain period. It’s quite a risky business, unless you know what are the tricks and some tips to sell your home fast after flipping.
Here are some tricks and helpful tips on Flipping Houses:
Get The Right Crew. You need to have people that you can trust to get the job done quickly and at reasonable prices. Therefore, working with the right construction crew is a key to a successful fix and flip.
Rehab Wisely. Be mindful of the main selling point of a house. Rehab only what’s commonly been appreciated by house buyers. Kitchens and bathrooms are often the selling points of a rehabbed property, but other improvements may also be necessary, depending on your property’s current situation.
Plan Your Renovation. Planning is one of the most important stages in a fix and flip. This should include interviewing contractors and subcontractors and talking to engineers and architects if necessary. Create a timeline and general budget, have a checklist, which will all have to be customized depending on the property’s condition.
Make Your House Different. Your house should stand out from the rest of the neighborhood. You can do this by making improvements to landscaping and other items around the house. These things add not only beauty to your home but value as well. Neutralize the colors and clean it up. Remember, they need to imagine themselves living in your house.
Get your House Inspected. A thorough home inspection will help prevent undesirable surprises along the way. Once your contractor is done inspecting it, get it inspected again by another home inspector for two reasons. One, you can make sure your contractor did everything they were supposed to do, and that they did it correctly. And two, you can then use that inspection report as a tool when you need to negotiate with your contractor.
Finally, Work With a Realtor or Investor Who Knows the Local Market. We at CPD Homes are a Cleveland, Ohio based company that help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, using our realtor partners as guides. We provide you just the simple honest truth about your home and how we can help you sell it fast to resolve any situation after house flipping.
And if you need more tips to sell your home fast after flipping, you may contact
CPD Homes at 216-619-4387. You may also download a FREE copy of our e-Book for more tips to sell your home fast after flipping.