Know Your Financing Options
It is likely that once a property comes on the market you may not be the only person interested in purchasing it. That is why it is so important for you to know how you are going to purchase the house. Once you know you will also need to secure documentation showing proof of funds or an approval for the amount that you are offering on the property. This is a requirement for the offer to be submitted and presented to the seller.
Know the Neighborhood
When you are ready to submit an offer you should have some familiarity with the area. Knowing what the selling points are of the area and what attracts buyers. What are the schools like? Are there neighborhood parks? Running trails or lakes? Is the neighborhood walkable, meaning close proximity to dining and entertainment. These elements will all be an important part of the marketing once the renovation is complete. As the seller you can include all these details on an overview sheet in the home for prospective buyers to view.
Know How to Determine Your Offer
Preparing ahead of time will allow you to have a general idea of pricing when it comes time to write an offer. You will need a general idea of renovation costs based upon your walk through. If you haven’t renovated a home yet make sure to prepare before your first project by attending real estate investment meetings and reaching out to contractors to get general pricing.
If you have planned ahead you will also have an idea of the resale values of homes in the area. This may be research you gathered before or with the help of a knowledgeable real estate professional. Not only will this guide you in your offer price but it will direct you as to what level of renovations will be required to achieve that sale price.
If there is one theme here it is preparation. For you to move toward that first purchase you will need to be ready when the opportunity presents itself. For more lessons and tips make sure to check out my Facebook page and YouTube channel.
Have any house flipping or real estate questions? Email me at amber@thresholdhomesmn.com
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Amber
So you’ve purchased a house to flip. Now what?
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