Columbus Real Estate - Delaware County Real Estate
Is House Flipping your Ticket to Financial Security?
There are a lot of real estate TV shows focusing on house flipping. They present house flipping as a ticket to financial security. This though alone entices and excites a lot of people. You can achieve financial freedom flipping houses provided you know what you are doing.
Know the local real estate market
For you to become a successful house flipper, you need to have a high degree of knowledge about the local real estate market. It is important to know the market value of comparable homes in the area.
Purchase a house below its prevailing market value
There is a spreadsheet for flipping houses
that can help you in this area. As a house flipper, you need to keep an eye on properties sold below its market value. Your goal is to buy a house at a deep discount. Check the property and find faults that will enable you to pitch for bargain. A dilapidated home can be purchased at a cheap price. House flippers are on the lookout for such type of homes because it will give them a lot of room for profit.
Choose a property that will allow you to rent out profitably
For the house flipper to make money, he should be able to sell the house right away. However, sometimes things don’t work on your favour. If you find yourself stuck in a difficult to sell property, your next option is to make it available for rent. The rental rate should be enough to cover the principal, interest, as well as the tax and insurance. Of course, you need to have extra to make profit.
Know the usual repair cost
Thoroughly check the property to have an idea as to what type of repair is needed. Estimate the repair cost so that you will know how much most likely is your profit once the house is sold. Make sure that the cost of repair will not exceed the market value of the home or else, you could end up losing a lot of money.
Cash is important
You need to have available cash with you to shoulder all the necessary expenses. It will be impossible for you to flip the house successfully without having sufficient budget.
Is house flipping your ticket to financial security? Yes, it is, provided you know what you are doing.
Flip your way to profit with Scott Yancey
Feel free to come to the Scott Yancey event
for you to find out more about achieving financial security through house flipping. Scott is a successful real estate investor and a flipping expert. He is the best person to help you when it comes to house flipping matters.
Looking for real estate agencies in Columbus, Ohio or Delaware County, Ralph Renninger and the Renninger Team, your real estate agents for Central Ohio real estate listings and relocation services - Columbus, Dublin, Grove City, Hilliard, Lewis Center, Plain City, Powell, Muirfield, New Albany, Westerville, and Worthington, OH. Click here Columbus Real Estate - and start your property search for Central Ohio real estate listings, luxury homes for sale, custom built homes, condos for sale, and rental property in Columbus Ohio and Delaware County.
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