Why do you need an exit strategy for a fix and flip? The goal is to purchase a distressed, undervalued property, make the repairs on par with comparables, sell it quickly, pay off the loan, and make a profit. Right?
Most house flippers need a team of professionals to help ensure success. A Certified Public Accountant can help you create a defined accounting strategy specific to your business needs.
Depending on your house flipping goals – a small side hustle or growing your business – it’s tempting to act as your own contractor to save money in a tight market.
Many flippers are focusing on distressed properties in order to make a decent profit, but a distressed property may have other unforeseen issues aside from making it liveable.
These types of homes are often sold a below-market rates and in need of repair, but you have to find them first!
Dave Meyer, VP of Data Analytics at Bigger Pockets, published a report “The State of Real Estate Investing” outlining the factors that lead to the unprecedented rise in housing prices.
Currently, residential foreclosure filings reflect a clearing of existing loan problems put on hold beginning in 2020. Zillow shares ways the small investor can locate those foreclosures.
From my foray into Chat-GPT: House flipping can be a high-risk, high-reward investment strategy, and there are several ways that a house flipper from the United States of America can lose money.
With rising housing prices, labor costs, interest rates, and construction costs, it is paramount for the small investor to make the right decision.
In the month of September 2022, Bob Villa’s web site is highlighting articles on housing flipping. This series plus related links provide information on the best places to flip, selecting a property, upgrades, repairs, and saving money.