Flipping an older home has gained a lot of popularity in recent years, but if you are new to the world of home flipping, there are a few things you should know before you get started. While home flipping can be very lucrative certain kinds of damage can be incredibly expensive to fix and not add a lot of value to the home so understanding those key elements can help you to make your home flipping as lucrative as possible.
Thinking about Flipping an Older Home: Foundation
The foundation of the home is one of the most important things to make sure it is stable and stays upright. However, fixing a foundation can be incredibly expensive. When you are looking to buy an older home to flip, you must check the foundation so you have a good idea of the difficulties and expenses you will face. Minor damage to the foundation is sometimes an easy fix, but if the damage is extensive, it is often worthwhile to move on to a different home. Finding a home with a solid foundation can put you in a good position to use your budget more effectively.
The roof of the home is another essential part that can be expensive to repair or replace. Making sure to check the roof before purchasing the home you plan to flip can save you a lot of time and money. Minor roof damage can be easily repaired but extensive damage, especially if it has led to leaking, can be a nightmare on your budget. If you know the roof has been recently replaced, you’re in pretty good shape. When cared for properly, an asphalt roof should last about twenty years on a Florida home.
Thinking about Flipping an Older Home: The Location
The location of the fixer-upper you want to flip is one of the most important elements you should keep in mind before making the purchase. A run-down home in a nice area can turn a great profit when it is repaired and restored to its former glory. You never want to flip a home in a way that makes it too much more valuable than surrounding homes in the area, as I can make it difficult if not impossible to self.
Keeping these things in mind as you look to purchase an older home to flip is incredibly important. Before you make the purchase, it’s important to make sure you know what you’re buying. Doing this will help you to use your budget more effectively and make a solid profit.
Read this next for more tips: Critical Components of Your Property That Require Regular Maintenance
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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.
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