Flipping a Home: How to Find the Right House

Flipping a Home

So, you've decided to give flipping houses a try -- or at least you're going to remodel one house and try to flip it. Why not, right? You can remodel the home, increase its overall property value, get a pretty nice return on your investment and create a more beautiful home in the neighborhood. It's ultimately a win-win situation for you.

However, you want to make sure that you pick the right house from the beginning to flip. Otherwise, you may find yourself in a terrible situation with a house that is a pain to remodel and then a pain to turn around and sell for a profit.

So, here are a few tips to locate a good real estate investment:

  • Location - This is probably one of the most important things to look for. You want to locate a home that is in a neighborhood where people want to live. If you are familiar with the area, then this probably won't be a problem. However, if you are going in blind, make sure to research the city and neighborhoods.
  • Good Schools - If the home is in a neighborhood with a good school district, then there is a good chance that it will sell quicker.
  • Structurally Sound - You don't want to get your hands on a house that you have to tear down, so look for a home that is structurally sound. If you aren't able to have the home inspected, then familiarize yourself with what to look for in regards to plumbing, electrical and structural issues.
  • The Right Repairs - Try to make sure that you don't get in over your head. It is easy to think that you have gotten a good deal, but once you start working on the home, you realize that it is going to require serious cash, time and effort to remodel and sell. So, make certain that you know which improvements you can and can't afford and which ones are going to pay off for you in the end. For example, replacing wallpaper and old carpet is on the cheaper and easier end of the home improvement spectrum, but rewiring, roof replacements and mold issues are all home improvements that may be more than you bargained for.
  • Home Value - Always watch the value of the home when you buy it. You want to try to get your hands-on homes that are below market value. Otherwise, it will be hard to get a return on your investment. Ultimately, you want to go into a good neighborhood and purchase the worst house, rather than going to the worst neighborhood (or a bad one) and buying the best house there.

Flipping houses doesn't have to be overly complicated or difficult, and finding the right house can be easy with the aforementioned tips. If you're able to, remodeling the home yourself can save you a significant amount of money, allowing you to gain an even more ROI. However, if you run into any problems, feel free to give us a call at Structure Remodeling so that we can assist you.

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