If you are looking for a great way to get money, then have you ever considered flipping properties? If you have a decent amount of money saved up, you could double it within a matter of months. And, eventually, the more you do it, the more you’ll earn. As long as you have access to the start-up capital, you could start bringing in six-figure sums.
What Is ‘Property Flipping’?
Flipping properties means buying a house at auction, renovating it quickly, and then immediately selling it on the open market for a significant markup.
Buying Your Property
There are many homes that get sold through auctions. This is very often because the house is in a very poor state of repairs. It may be very difficult for a real estate agent to get the property sold in a conventional manner because mortgage companies will now allow the sale on the grounds of the quality of the building. This can greatly reduce the selling price of the home, meaning you could get the property for a good deal less than it’s worth.
You may not get the chance to be able to view the property properly or take in as much information about the house as you may if you were putting in an offer with a real estate agents, however, you should always brace yourself for a considerable amount of work to need to be done.
Getting The Work Done
If you are an experienced tradesperson, you may be able to carry out a considerable amount of work yourself. However, if you are not so great at DIY, you should call in a professional to do the job for you. That way, you won’t be causing more work if your work needs to be redone later when you’ve made a mistake. Hiring help will mean that you will get a good quality finish throughout.
Before you start, get quotes on any of the work that needs carrying out. Ask around for recommendations for reliable builders, or a roofing company. You will need to be sure you can trust the people you bring in to do the work to do the best job possible.
Picking The Tasks Wisely
When it comes to flipping a property, you should think about adding as much value as possible to the property for the least amount of work and outlay. Maximizing your sale profit may mean looking at ways to increase the living space, without making the house bigger. You may want to do this by converting the attic.
Undertaking large tasks such as building extensions may not be financially viable. They might be quite costly and time-consuming, and as such, you would need to be able to guarantee a major return on your investment in order to warrant spending out on getting it done.
Once your work is carried out you can get the house on the market. Hopefully, you will get enough profits back so that you can get on and reinvest in more properties to flip!
