Exp Realty LLC
Is it possible to flip houses for profit with no experience? Luckily, this is one area of real estate investment that is viable even for beginners. Here is a simple beginner's guide to house flipping to get you started:
Flipping a house requires more cash up front than with a traditional home purchase. This is because besides things like the down payment, you'll need cash to pay for renovation materials, tools and labor. Many flippers save up money before they begin, but there are also specific loans available for renovations. Research your options and compare lenders to find what works for you.
Fixing and flipping a house is difficult to do on your own. Having at least one other person available to help you with renovation projects, logistics and planning will help your flip go more quickly and more easily. It's also a good idea to find a real estate agent and a licensed contractor to work with you throughout the project, as well.
Just like a traditional home purchase, you'll need to save money for a down payment and whatever type of loan you choose. However, when planning for a flip, it's also crucial to determine your ARV or after resale value. The ARV will tell you the minimum amount you must sell the house for to break even on the project. Obviously, it's ideal to make a profit, but knowing your ARV will help you stay on budget and price accordingly.
Once the renovations are complete, it's time for the payoff. This is where working with your real estate agent comes into play. They can help you list and sell the property efficiently so you don't waste money and time with it on the market. An agent can make sure you list at the right price and handle showings with potential buyers. This will give you the best chance at a profit for all of your hard work.
Have you spent the past 35 years learning all you can about your new home in Brevard County? Do you know which neighborhoods meet your needs? Which school districts are the best? Where you get the most value for your investment and what local infrastructure changes are just around the bend?
Jo Ann does. She has loved this area since moving here over three decades ago. As a qualified realtor and parent, she knows the right questions to ask and can help you find your perfect home regardless of whether you’re a first-time or forever-home buyer. Condos, townhomes, and single family homes on the mainland or luxury homes on our barrier islands, Jo Ann can assist you in making the right choices for your current and long-term residence. And if you decide to rent while looking, she can help with that, too.
With the same dedication Jo Ann has put into training to run half marathons and other short races, she will explain the buying process, answer your questions (over and over if needed), and guide you through the hoops to home ownership. Call or email and let’s get started.