If you’ve been thinking about getting started in real estate investing, the chances are good that you’ve heard a lot on the topic of flipping a home for a tidy profit after holding for a relatively short period.
Here are five secrets that are key to increasing the chances of making a successful ‘flip.’
Buy in at a Favorable Price – While this may not sound exactly like a “secret” the fact is that to make a profitable flip, the home or property has to be acquired at a price that offers room for profit when it is put up for sale again. It goes without saying that if your purchase price is too high, you’ll have a more difficult time making a profitable sale on the property.
Build a Substantial Network of Professional Connections – Individuals who want to flip properties for profits are well-served to build a significant network of people and companies they’re able to rely on for professional services. These professional services could include home contractors, Realtors, Real Estate Professionals, Home Inspectors, Interior Designers, and Digital Marketing experts who perform specialized duties simplify your project management and make it go smoother.
Have a Budget Set aside for Repairs and Improvements – When buying a distressed property or a home in foreclosure, you’ll need to account for expenses associated with making repairs make the home more marketable. Depending on the condition of the home, these may just be minimal cosmetic repairs. In other cases, major repairs and renovations may need to be done before putting it on the market. By budgeting these costs, you can accurately forecast your profits on the acquisition and sale of your home.
Work with a Team of Real Estate Experts – There is always strength in numbers and working with a team of real estate professionals helps make sure that all facets of your transaction get completed in a timely and accurate manner. In real estate dealings, it is easy to get overwhelmed by paperwork and fine details that are common in achieving home purchases and sales. By working with a team of organized real estate investors, you alleviate many of the typical concerns of trying to do all aspects of the sale yourself.
Enticing Staging Matters – Staging is one of the most crucial parts of marketing and selling a home. When you are flipping a home, the more visually appealing you make the home to potential buyers, the more likely the property is going to sell at the price target that you’ve set in your selling strategy.
If you are interested in becoming a successful Real Estate investor in the Greater Metro DC area, we would love to talk to you! Call us at (800) 674-5363 to speak with one of our professionals today!