A Couple Of Tips For Flipping Homes
A Couple Of Tips For Flipping Homes
A Couple Of Tips For Flipping HomesThe basic house flip happens when you buy a rehab house that has been repossessed, abandoned, or has a seller desperate to dump it. It works because you are able to buy it at a low price, put several thousands of dollars into it to fix it up, and resell it for a price closer to the market price for that neighborhood.
If you are going to flip a house, the two main rooms you need to worry about are the bathroom and the kitchen, but those are also two areas that can be a complete nightmare if you do not know what you are doing. If you insist on doing the repairs yourself, focus on the following:
Replace or repair the tub, sink, and toilet. You can lose thousands dollars having a contractor come in and pull out a tub and replace it. Instead, try to find a refurbishing company. The tub will look new at a fraction of the cost and you can pocket the additional profit.
With superstores like Home Depot and Lowes, do not hesitate to put in new faucets, sinks, and toilets. You can get these items very inexpensively, but they add thousands to the resale value of the home.
Unless the kitchen is perfect, replace the cabinets (buy the ones you assemble and install yourself and save thousands) and lay new linoleum. It is a sure way to sell faster and higher.
Rehabbing, in case you have not figured it out yet, takes money. Sometimes it takes A LOT of money. The upside is if you do it right and ask the right questions the rewards will be well worth the effort. Don't get frustrated and keel a positive attitude, remember you bought a foreclosure and not retail.
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