If flipping real estate appeals to you as a way of making your fortune, here are a few tips that will help you get it right:
Have a buffer in our budget
No matter how adept you are at renovating properties, and no matter how well you think you have budgeted for a job, there is always a chance that you will go over budget. And if you don’t have the money to do everything you need to do, it could leave you with a property that you can’t make a profit on. That’s why it’s so important that you always have a little wiggle room in your budget.
Learn as much as you can
When educating yourself in topics like business and finance, you’ll find real estate investment is one of the more reliable ways to build personal wealth, especially for retirement. Adding value to your current property is a fast track to that. From carpentry to wallpapering, the more home renovation skills you can complete adequately yourself the fewer contractors you will need to pay and the bigger your profits will be. Learning on the job is a lot easier than you think. And it can prevent you from going over budget. But always call in the experts for serious jobs like electrical work, unless you are fully qualified to do so.
Estate sales can make extra profit
Often when investing in property, the best houses to flip are those houses where the owner is looking for a quick sale. And often that means many of the previous owners’ possessions are still in place. Instead of simply removing these to the local dump, call in Clearly Quick Estate Services who will do the job of removing goods for you. Also, they’ll potentially even pay you for anything valuable they find. This is money you can then plow back into your renovation project for an even more successful flip.
Choose an up-and-coming area
If you want to maximize your chances of making a large profit, look for houses to flip in areas that may be a bit rundown now, but where there is regeneration happening. Do your research. By doing this, you can get a property for a great price. Once the redevelopment has happened locally, you’ll make a much bigger profit as the location becomes far more desirable. You can find potential locations like this by looking at local planning applications to see what is going on in the area.
Investing in property: Market to sellers
Instead of scouring real estate listings with the hopes of finding the perfect place to flip, start marketing yourself instead. If you market yourself as someone who will buy properties fast, you will probably get a lot of interest from people who need to make a quick sale for whatever reason. That means you are likely to get a better deal and you won’t have to waste your time on sites like Zillow, where the truly good deals are few and far between.
Happy flipping!
TOP IMAGE: SOTHEBY’S LISTING, 11 RODNEY BLVD., TORONTO, INSTAGRAM @CANADA_SIR
I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
But I love writing about cars – check that, luxury cars, a level of superior, engineering sophistication, high performance and style, that transports you not just from one destination to another but also out of whatever you are going through on a particular day, whatever mood you are in, all to another head space. It’s complete and total exhilaration, head to toe.
Check out my stories, and email me direct at mkeast@regardingluxury.com
