10/09/2021
Not long ago, we talked about flips and how they work.
Today, we want to outline a few tips that will help you improve your property flipping strategy.
But, before we begin… there’s a disclaimer we need to pin. This is NOT financial advice, just a post of educational type (hope you enjoyed the little rhyme).
Now back to the subject.
If you don’t remember how flips work, the key steps of flipping a property are buying it BMV (below market value), refurbishing the property to increase its value and finally selling it on to someone for a profit.
Now, practice is a bit more complex than just that. There are a few things you want to get right 👇
1️⃣ First of all, you should figure out what is your price range, property type and who the end buyer is. This will give you a solid idea of the costs you’ll incur in and the potential end value of the property.
2️⃣ It is critical to get your numbers right. In most cases, property investors would miss out on a lot of costs and end up putting more cash that they forecasted, even losing some at the same time.
How do you prevent this from happening to you? By doing in depth due diligence on the property, refurb prices, end value and realistic expectations.
3️⃣ Make sure the demand for properties of a certain spec and price range in the area is right before embarking on any project.
4️⃣ Finally, build a refurb team. This will make the process easier as you will have professionals working on the project, which will save a lot of your time.
Have you ever flipped a property before? Let us know in the comments 👇🏡
