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How to Properly Flip a House
Flipping a house can be exciting and lucrative – or a disaster. With just a little knowledge and some tips, you stand a much better chance of being successful. Here are some things to keep in mind to ensure your flip won’t be a flop.
Find the right home. The best houses to flip are ones that just need a landscaping facelift, or new flooring and some paint. Quick and easy work plus inexpensive materials mean you can have it ready to go again and sold, pocketing the profits sooner.
Know your area. Study the area you want to buy property in, and learn what a typical selling price is. If most of the homes sell for between $200,000 and $250,000, your flip for $400,000 is not going to sell well. Take some time to understand your local market and how real estate works.
You should also know your area’s tax laws and get an appraisal on the house before buying it. It might be a cute fixer-upper, but if it requires too much work to be sellable, it’s better to take a pass. What do people want in a house? Big yard? On-street parking? ....contd...