It would be great if every house that should be sold at a discount was priced accordingly. But that's just not how real estate works. In a seller's market, sellers are going to try to get the most for their home. That is why, as an investor, it may take a little extra to find those homes that have the potential to be a good flip opportunity (if the price is right). DOM (Days on the … [Read more...] about Key Ways to Spot a Good Flip Opportunity
Last week I threw out a crazy idea about profit. Instead of making it a requirement that you hit it out of the park on profit for every flip: you consider 10K-20K a success. I know, I know, that is completely crazy. But as I promised, there is another way to look at profit. Now as you become more advanced in flipping you may use a combination of these … [Read more...] about Another Way to Look at Profit When it Comes to House Flipping
This question is at the top of the list when people are getting started house flipping. And while I wish there was a magic, no-fail formula for success; there simply isn't one. It’s also accurate to say that different houses with different price points will have different budgets. Larger houses will have more bathrooms, which impacts your plumbing costs and your material … [Read more...] about Amber’s Biz Tip: How I Put Together a Flip Budget
Here is the beautiful thing about making a decision. Once you decide to start, then you still actually have time before other things have to be done. Here’s an example...once you decide you are going to flip a house in the next 6-12 months, you don’t have to have all the answers at that moment. The truth is, you can make a decision with no money. That is why you don’t necessarily … [Read more...] about Amber’s Biz Tip: How Much Money Do You Need to Get Started?
It all starts with the numbers. This number might include a lump sum, an amount you’d be willing to lose if you have to sell the house quickly, or additional monthly debt payments you can handle if you end up not being able to sell the house. Then divide your budget into four parts: house purchase, renovations and carrying costs, selling costs, and cushion. Determine how much cash … [Read more...] about Amber’s Biz Tip: House Flipping Budget…Tips to Stay on Track