Flipping Homes

Ideas on Flipping Homes For Profit   The real estate market can be a very lucrative business to get into. Whether you buy a home or you sell a home, there is money to be made and a lot to be gained. There is no set of solid instructions on how to make money in real estate, but with a little learning curve, and hopefully not too much money lost, it can be mastered with a little time and practice. It is a very rewarding career due to the flexibility the job offers. These days, there are plenty of television programs about people flipping homes and making a living at it. It can seem overwhelming, but if you know what to look for, you will reduce the risk involved and with a lot of diligence, you have a good chance of finding a good deal.     Know All Your Costs   There are many common hidden costs when buying a home, so be sure to work with a local Realtor to get detailed cost estimates before you purchase. You will be looking at not only the purchase price of the home but also transfer fees, mortgage costs, home insurance, title insurance, and even legal costs, for example. You will want to ask your real estate agent to provide a list of all the estimated closing costs up front so that you don’t have any unexpected expenditures.   Don’t Skip the Home Inspection   No matter, what you should never forgo the home inspection. A home inspection will give you a very thorough overview of the home and will even bring to light issues that you would never have known about otherwise. It doesn’t matter if you are buying a brand new home or a fixer-upper… always opt for the home inspection. In many cases, the seller will even cover the costs of some of the repairs that you want done. Home inspections are typically performed AFTER an offer is accepted, but with a little experience and education, you can learn some of the things to look for. Consider establishing a business relationship with a good home inspector, who may offer you discounted pricing if you’re requesting that he/she inspect multiple properties.     Get a Feel For the Neighborhood   Always get familiar with the neighborhood, whether or not you plan on living in the property you are buying. You wouldn’t want to have an investment in a neighborhood that was unsafe or prone to break-ins, so steer clear of these types of areas. You could have the nicest house on the block when all the renovations are done, but a bad neighborhood can actually lower the property value of your home. A good way to learn about the neighborhood is to be observant. Walk around and even talk to some of the potential neighbors to get a good feel for the location.   Don’t Be Fooled By What You See   It’s always good to look at a

Continue Reading →