Bob Vila, America’s home improvement expert, is best known for a variety of television shows that focus on home renovation. He also hosts the website Bob Vila, Tried, True, Trustworthy Home Advice. Beyond the home hobbyist and DIYer, there are many articles that will benefit the real estate investor. In the month of September 2022, the site is highlighting articles on housing flipping with. This series will give information on the best places to flip, selecting a property, upgrades, repairs, and saving money.
Below are some of the titles and links to the articles featured. Within each article are links to other informative topics for the home flipper.
The 70% Rule in House Flipping, Explained
The basic principle is that a flipper should never buy a home for more than 70 percent of its after-repair value (ARV) while also factoring in the cost of renovations.
Five Important Things to Know Before Flipping a House
1. Plan your exit and stick to the plan.
2. Calculate the holding cost. That would include all interest, insurance, permitting, and taxes to name a few.
3. Educate yourself on the market and look to the future when determining the amount and types of repairs you will need to do.
4. Get a good contractor that is financially stable and doesn’t require the money upfront.
5. Do not over-improve for the neighborhood.
Eight House Flipping Mistakes to Avoid at All Costs
1. Inspect and assess the location
2. Keep track of the carrying costs
3. Estimate your budget and stick to it
4. Do not over-imporve the property for the area
5. Use an experienced contractor. Use your expert DIY skills only if it will not slow down the completion date
6. Landscape and make a good first impression
7. Get all the required permitting
8. Don’t forget the cosmetic fixes
Ten Best Cities in the U.S. for House Flipping
1. Scranton-Wilkes-Barre-Hazelton, PA
2. Kingsport, TN and Bristol, VA
3. Reading, PA
4. Pittsburgh, PA
5. Seattle, WA
6. Phoenix, AZ
7. Charlotte, NC
8. Tampa, FL
9. San Antonio, TX
10. Detroit, MI