Finding the perfect fixer upper house to flip for a profit can sure be challenging. Let me share with you a few tips of the trade to help make the entire transaction go a little bit easier for you. Actually do not be surprised to find a very large market for both sides of the fixer upper transaction, buying and selling. Having the knowledge of just what to look for and then once you have found the perfect fixer upper, how to you present an acceptable offer.
Here are 3 easy tips to make it all a lot easier for you.
Perhaps the most import tip I can give you is to know your market for you local area. I am sure you realize that not every fixer upper you look at will have the same market. For example, perhaps you have found a house located on a corner lot and the lot could easily be changed to be a commercial property. This could make land alone much more valuable than repairing the house and selling it.
Let me ask you a question. Do you have the knowledge and skill necessary to do a complete evaluation of the property? No? Then you should definitely bring in a professional property inspector to give your prospective fixer upper house a thorough inspection and report to you any deficiencies and repairs that maybe need to any system of the house. I can guarantee you when you get the report of the condition of the roof, insulating and heating, the electrical system, all the plumbing and even a report on the condition of the foundation you will be very glad you did.
Finally, once you decide that you have located the perfect fixer upper do you know how to present the best offer to the owner? You may not think this is a big deal but, I assure you the more professional your presentation of your offer is the more likely it will be considered. Once you start looking you may be pleasantly surprised to find many fixer upper properties available right now and if you can manage to flip one property a month you could find yourself making a sizeable income.
There is an old saying, “you make your profit when you buy the house.” I really agree. Buying the property right allows you to be very competitive when you sell the house and you may find interested buyers lining up because they think they are getting a great, too.
One final tip which is very important, treat you sellers and buyers with respect. Most people realize that you are in this business to make money so do not be afraid to do so. Just keep these ideas firmly in the back of your mind that if you treat you prospective seller and buyer with the respect and the way you want to be treated and you will find your fixer upper house flipping business to be much more successful.