Zack childress real estate House-flipping has become very common in real estate market, as investors feel it is an easy way to earn money. It has both advantages and disadvantages let’s discuss more about it.
The investors buy the home usually at an auction and resell them with huge profit.
How to do house flipping? Zack Childress real estate reviews talks about do’s and don’ts of house flipping.
- In order to do house-flipping, you need a credit score which is quite high so that your lenders are satisfied with your financial overview.
- You need cash to pay your mortgage, realtor fee and closing cost.
- Find a home in a good location with good employment growth, you increase the chances of selling the home quickly else you need to pay mortgage every month. The property you choose must be closer to you so that you can check out the repair work often.
- Check for the condition, it cannot be a proper home inspection but with some professionals help, find how good the apartment is.
- An apartment can be sold quickly if it has all amenities nearby.
- Choosing a home with affordable repairs is recommended. You can remodel the kitchen and redesign the bedroom and restroom which may attract the buyers. Find out more home improvements which would attract the buyers.
- Choosing the best home in a lousy neighborhood and worst home in good neighborhood would fetch you gains.
- You need to find a fore closured property when you browse through MLS, you may find many such properties online which may not reveal the entire condition of the household. So investigate before you invest.
- You need to do lot of research when you do house-flipping. All properties aren’t listed online. You must find homes where buyers would prefer living.
- You need to develop negotiation skills that will help you while working with workers, buyers etc.
- You need to calculate approximate costs for repair so that you will know the deal will be worth or not.
- Develop a network where you can talk to different potential buyers to get an idea about the market, sell your home quickly.
- You can take help of the real estate mentors who have done house-flipping before to get better ideas.
Cons of house flipping
- Bad financing – when you land in debt or run out of cash
- Time – when you get held up / move to a different location or repair work takes lot of time because of unskilled labors
You may come across many properties which belong to corporate or government, real estate agents may offer you these properties saying it as fore-closured or unsold properties or distressed so beware of scam.
Interested investors can visit Zack Childress Quick REI cash system which will give an idea about house flipping as Zack Childress has explained more about it in his articles.
New investors can make use of Zack Childress automated wholesaling system as you can co-wholesale at free of cost.