House Flipping News

 This is probably the best market in recent years for investors and others to buy houses, refurbish them and resale them for profit. Regardless if your flip only needs cosmetic upgrades or if more extensive renovations are required, it is critical that you have a plan and know what you're doing. In my experience, I've seen houses go back into foreclosure because the renovator did not have a firm plan of action and a sufficient budget to work with.

 There are many considerations to buying, renovating and successfully selling a flip for profit. With a good plan, you have the potential to make a substantial profit. Without a good plan and a budget to work by, the losses can also be substantial.

 When searching for potential properties to flip, it pays to have a working relationship with a good Realtor®. There are many people in the business of turning a real estate flip and timing is everything.   Your Realtor® will provide you with potential properties to see as soon as they hit the market. There is normally no added expense to you, the buyer, to be represented by a buyer’s agent.  There may be savings, however, because as your buyer’s agent, my job is to see that mistakes are not made in the sale that could cost you money.

 If you have legal or accounting questions, do not hesitate to contact your lawyer or accountant.

 Here is a link to a simple Excel spreadsheet I created to help you calculate your flip and renovation.  Click here to request my Flip Calculation Worksheet.  (Note: Requires Microsoft Excel. Click "Open" to use or "Save" to save a copy to your computer.  You may have to click "Download File" on your Internet Security Bar.)