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Saturday, July 21, 2012

Flipping A House

I don’t know what it is but I get so excited when it comes to remodeling or flipping a house. My juices getting to pouring and my blood get heated and my mind gets excited.  It’s just hard to describe everything but this energy from nowhere just comes out of me.  It’s so bad that I have to tell myself, “Calm down and settle yourself”.  I definitely have to make sure I’m not just running into something that I’m not ready to tackle. For me it’s a get joy and an adventure. Planning is everything.  You first have to plan, do your research, and make sure the prices are right for the task at hand.
Outline your plan for your timeline you are setting for yourself. What do you think will be cost effective for the repairs? Give yourself a budget. What if the property sits on the market for a while? What would plan B be if the property sits? What type of timeline will you give yourself to flip the property before you go to plan B? Get all the estimates you will need for your remodel. Cost is everything. It can either make or break you.
Do your research for the area you will be in. Complete a Comparative Market Analysis to find out what you could sell the property for before you purchase it. 
Know what you would sell the house for a quick flip. Does the house you want to flip have the potential to pull in the profit you want to make? After everyone gets paid would you reach your goal? 
What you want to know is in the end was it worth it?

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