Tips for Successful House Flipping
Buying a house and remodeling with an aim to finally sell it away to earn profit is known as flipping a house. House flipping is no doubt, a nerve-racking task but with proper planning and strategy you can successfully flip a house and earn the best profit. If you are starting out in property investment in Dallas or Houston area, we hope that the following tips would help you conduct a successful house flip.
House flipping is a rewarding investment strategy. As investment property managers and real estate brokerage, we have been guiding our clients in Houston and Dallas on house flipping by devising an effective approach so that they can earn the maximum returns.
Some of the fundamentals of house flipping that you should be familiar with are as follows:
1. Focus on Budget: Buying a newly constructed house is the ideal way to set you free from all hassles related to budgeting. You need to take care of the mortgage fees, insurance, lawyer’s fee, and real estate agent’s fee including the insurance. However, if you plan to buy a fixer-upper, it would require more of a budget as the property needs complete renovation including repairs.
2. Paperwork: Flipping of house involves a lot of paperwork including permits. Therefore, it is imperative for you to apply for permits before beginning the renovation as it takes an extensive period of time to obtain permits. You should apply for all the necessary permits so that your work can continue smoothly. Absence of permits can lead to grave consequences including work stoppage and you might also have to pay a heavy fine for not having the required permits.
3. Set a timeline: While commencing the renovation work, you should set a definite timeline to keep a track on the advancement of the work. A timeline works as the best tool to put the tasks that needs to be done in order and to check if they have been completed accordingly.
4. Hiring an experienced contractor: Since it is not possible for you to be always available at the construction site, it is imperative for you to hire an efficient contractor who can supervise the work in your absence and keep a watch on the timeline besides taking care of your budget.
5. Begin with the simple tasks: You should preferably begin with the smaller and simpler tasks before getting started with the bigger projects.
6. Enhancing the visual appeal of the home: To attract potential buyers, you should remodel both the exterior as well as the interior of the home including kitchen and the washroom. A fully refurbished home with mowed lawns, attractive fencing including elegant and modernized bathroom and kitchen will enhance the value of the home thus helping you to earn maximum profits.
7. Focus on target-buyer: While remodeling the house, you should focus on the taste and preference of the target buyers rather than incorporating your personal preference regarding the color of the walls, carpets, etc. When it comes to painting the walls, you should go for neutral shades.
8. Get rid of emotional attachment: You should always keep in mind that house-flipping is like any other business undertaken to earn a profit. As a real estate investor, you should not get emotionally attached to the property on which you are working.
These are the few tips to assist you in house flipping. If you are planning for house flipping, you should spend a good amount of time to investigate so that you are aware of the procedure. Flipping a house is a difficult but profitable business that calls for adequate time, funds, expertise and above all patience. Thus it is essential to educate yourself about the venture by attending workshops or seminars. However, the best way to succeed in house-flipping is to take help from investment property managers.
Ashoka Lion, as an Investment Property Management Firm has been supporting the investors in Houston and Dallas to manage house flipping projects in the best possible way, and the Lion Real Estate Group is our real estate brokerage to facilitate more traditional buying, selling, and leasing. Our firm focuses on the entire investment real estate spectrum not only on buying and selling real estate allows us to assist you in forming the best strategies related to house flipping. Since our inception, we have been providing a helping hand to our clients in selling the house by minimizing their expenses and maximizing their profits.
Ashokalion - About Author:
Jay Raman is the Broker of Record for the Lion Real Estate Group, LLC, a Houston and Dallas area brokerage. Jay and his team have been buying, selling, and leasing homes primarily with a focus on investment property in Houston & Dallas for the past 6 years and manage over 160 residential (single family home) properties in Houston and Dallas as well as several associations. To get more great articles or ideas, you can also visit Brokerage’s Investor Website, Facebook or Twitter Account. Visit: http://buy-investment-property.ashokalion.com/
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