Many people are joining the home flipping frenzy. Whether you are working on making a profit or just plain bored and wanted to make a quick buck, it was the field to be, but that is not always the case.
People have forgotten the fact that when they flip houses, they are spending money, time, and effort. It is not in any way just focused on making a quick buck, and for some, it even means making some losses.
Maybe it is all part of the business, or perhaps it is all part of life, the only sure thing is the reality that people are not always as smart as they would like to believe.
With that, if you are looking to "make a quick buck," flipping houses is not for you. If you want to make a career out of hard work and make sure you earn enough money for your efforts, the following are the best ways to ensure making a profit when flipping houses.
If you are just starting out, take smaller risks. No matter how people would say that a neighborhood is up and coming or a building as so much potential, it should be you and your budget which should do the talking. Taking smaller risks can mean any of the following:
- Buying a house with fewer changes that need to get done;
- Getting any home inspected before making a purchase;
- Knowing what you want to do with the house before you commit; and
- Spending less than 20% of your budget towards building the house more “habitable.”
Do not buy a house that is a former crack den or one that has pipe problems or gas issues; you may end up losing more money than making them. These places are right as investments for developers who would tear the whole house apart and start anew.
Always time your purchases. The economy goes up and down, and real estate is always fluctuating. If you want to make a profit, buy when the economy is down and make a sale when the real estate market is booming.
Now that you know how to do things the right way, it is easier to make sure that you make the right profit. If you would like to join forces with a professional, you can always do so. Contact a real estate agent today for some quick tips on how you can make the right purchase or that ultimate sale.
Lenore has been a Collier County resident for over 40 years. She fell in love with Naples and surrounding areas and decided to make the move from Cleveland in December 1981. Lenore has a Bachelor of Arts Degree from the University of South Florida where she met her husband of over 25 years. They have two children that attend University of Florida and Florida Gulf Coast University. She has worked as a Community Service Deputy with the Collier County Sheriff’s Office, a Guest Teacher with the Collier County Public Schools, and continues to serve on many committees with the Parent-Teacher Organizations in Naples. Lenore has a true passion for Naples and is excited to put that passion to work for her customers. Whether you need an expert guide in buying a home, or a dedicated leader to sell your property; her love of Naples will always give you piece of mind in your real estate venture.