A quick flip on a home can be a great way to make a quick profit from a real estate investment. However, you can’t simply buy the first home that you see and expect to sell it for more money a few weeks later. Let’s take a look at what you’ll need to do to flip houses fast and successfully.
Art of the Quick Flip: Have Processes in Place
Ideally, you should have a system that allows you to identify homes that are worth investing in. This system should then allow you to make repairs or other upgrades in a matter of days or weeks. For instance, have a contractor come to the house as soon as you buy it to create a rehab plan. From there, a team of painters, roofers or other professionals should be at the property within hours to begin executing that plan. Having a plan can reduce the amount of time it takes to get the house ready for sale, which can reduce the overall cost of the flip.
Art of the Quick Flip: Target the Right Homes
To most real estate investors, the goal of a flip is to sell it quickly and with as little work as possible. Fortunately, some homes don’t even need any upgrades before they can sell, but you should never assume that a home is in good condition before you get a chance to see it. This is why it may be best to buy homes that you can inspect before putting money down on them. The best homes to flip are usually those that are priced below market value and located in areas where people are most willing to pay your preferred list price.
Art of the Quick Flip: Know What the Right Deal Looks Like
It is important that you know what a home is worth before you put in an offer to buy it. Usually, homes will be priced close to what others in the area have sold for in the past three to six months. Knowing what a home’s reasonable market value is can help you determine whether an offer is worth accepting. Ultimately, this can help you complete a flip quickly with the confidence that you made a large enough profit on the transaction.
While flipping homes successfully can be a challenge, there are steps that you can take to increase your odds of doing it correctly. Generally speaking, beginning home flippers may benefit from seeking the help of a mentor or investing group as they hone their process.
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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