You see the stories on TV infomercials — make millions in flipping houses! The very thought is both enticing and exciting — but is it even possible? The short answer is YES, but as you might expect, it isn’t nearly as easy as infomercials make it seem.Have you always wanted to get started flipping houses? We have put these 4 tips to flip a house in Fort Collins the fast and easy way!
Flipping properties can be an excellent way to see big profits. But before you dive right in, there are a few things you need to know that they don’t show you on TV. If you are ready to make money flipping Fort Collins houses, check out our 4 Tips to help you get started.
One Team, One Goal
When going to flip a Fort Collins property, you shouldn’t go at it alone. Build a team of experts you can count on for help taking care of all the details. Build relationships with multiple agents and private what we money lenders. Find contractors and designers you enjoy working with. And make sure you are working with a CPA who can help you keep it all together. After all, your goal with this is to make money. These practices are what we are doing here at NoCo House Buyers Inc. And so far, so good. We are genuinely helping people while earning money.
Know Your Buyer Before Anything Else
Before buying any property, you need to do your homework regarding the area. Is it popular with retirees? Families? First time home buyers? The fixes and improvements you make should be made especially with them in mind. An older couple might focus on accessibility, whereas a large family might want a mudroom and an additional bathroom. Think about the things that will “wow” your likely buyers and add those features that make the buyer feel as if the home was designed with them in mind.
Know How and Where to Find Undervalued Property
You’ll never be able to make money flipping houses if you don’t have a high degree of knowledge about the local real estate market. The only way that you will know if a given property is truly a deal is if you know the market value of comparable homes in the area.
It would be well worth your time to get your real estate license so that you’ll have access to the local multiple listing service. That will have two benefits: it will give you access to both asking and selling prices, and make you aware of properties as soon as they come on the market to help you find real bargains.
With the number of foreclosures dropping and more people seeing the value in purchasing homes owned by the bank, the ability to find great deals has become more difficult than it once was. Nowadays, you have to do a little digging in order to find that diamond in the rough. Working with realtors you like and trust is a great way to find homes with owners ready to sell fast, or homes being sold in need of some major repairs. Finding these sorts of homes at a great price is what every savvy house flipper is looking for.
Value Your Time and Move Quickly
When flipping a home, your greatest enemy is time. In order to see the best profits, your mission is to resell the home as fast as humanly possible. The less time you are holding on to borrowed money, the less interest you will have to pay on it.
Add this to the costs of utilities, insurance, taxes and the prices you paid for repairs and cleaning, and you can watch profits vanish right before your eyes.
You should always strive to do a great job upgrading and repairing the home, but make sure you are working with the right people so you can get the job done quickly.
So, yes, you can make money in flipping houses. But there’s a lot more to it, and you’ll need to understand it all in order to make the promised riches.
Are you ready to start flipping homes in Fort Collins? Let us help you get started! Click here now and fill out the form or call our office at (970) 744-4944!