New video shows house flip. Check out this case study of this HUD Foreclosure House and how the Flip started. This shows you the criteria you want to look at to flip houses. Each house is different, bu you can use this criteria to find a house to flip in your area. Even if your real estate market is soft for flipping, this is a fantastic strategy to use to get real estate deals way below value. Don’t give up. If you want to flip a house, be sure to include some of these house flipping secrets as you move forward.
Get ready to house flip. One of the best parts about real estate investing is going out and looking for a house to flip. We look at lots of houses after we have narrowed down our criteria. Some work, and some dont, but we always find the next house in which we can Flip to a retail buyer or keep as a cash flow rental property. This particular property happened to be a HUD Foreclosure. In most real estate markets, HUD Homes and other Foreclosure properties have some fierce competition. In a lot of cases, these are properties that need fixed up, in many cases need a cash buyer (or commercial funding) to buy them, but they are prime houses to fix and flip for profit. One word of caution, never get into a bidding war. Know your fix up cost before you offer, know the fixed up value, know the profit that you would like to make and you’ve got a pretty strong formula for profit. There will be other real estate investors who will over pay, and there are many reasons. Perhaps they dont intend to the flip the house. Maybe they are going to fix it up and rent it. If that is the case, they will have a lot less vacancy rate and no selling cost on the front end. Don’t try to out think your competitors thinking, just know your strategy and know it well!
The reason that this house flip made the perfect match for flipping is because the property only needed cosmetic fixes. If you watch my YouTube videos you know that I keep a simple approach and I don’t purchase houses that need major renovations. I have found a strategy that works for me by only buying simple fix up properties. These house flips usually involve putting in new carpet and paint, miscellaneous fixes and occasionally a new kitchen or bathroom put in.
Remember, you dont have to know how to do any of this. In fact, the best approach is to hire a carpenter or handy man to do the work for you. Your job is to know the cost, stay on budget (or under) and to keep the house flip on schedule.
The remodel work on this house flip only took about 10 days to complete. this is known as an easy fix and flip. Some of the tv shows tell a story how they gut a house down to the studs and make everything brand new so they can flip it. In my opinion, that is the wrong way to flip a house. Look for properties that only need costmetic fixes. These are the houses that you can flip fast and for top dollar when you negotiate a good buy price.