And we Guarantee You will Buy Properties! Or, Your Money Back!
I’ve been flipping for some 30 years or so, I watch the cycles. Right now, with Banks possibly blowing up and an election looming and now going into the holidays, it might not be the best time to throw a lot of money into flipping. Before you commit money and time look into:
1) Where is the market for houses right now and which direction is the market going.
2) What kind of financing is available to your buyers. Are they going to be able to buy your proudly done flip.
3) If you misjudge the market, do you know when to dump it. Can you find an alternative to the flip. (STR, LTR, Lease Option)
4) Can you put a spreadsheet together on your purchase costs, carrying costs, rehab costs, closing costs, selling costs, tax costs, contractors that don’t show and delay your project etc. etc. etc.
5) Is the return worth the risk. I read that NAR (National Association of Realtors) says that the average profit on a flip is about $15,000 and takes about 6 months. That equates to about $15 per hour. (We do much better than that because we buy correctly “off market” and we don’t over do the remodel)
6) We can figure projected profit for you, before you tie up all of your time and money.
7) Remember, you make your profit when you buy (buy wisely) Learn from someone with experience, don’t “wing” it.
8) Is Flipping: Fun? Oh yeah. Profitable? Not always.
Well, it looks like flipping profits are down according to NAR, but Lease Option profits are up, go figure.