An estimated 250,000 houses and condominiums were flipped in 2020. It is indeed a hot industry. Flipping houses have been popularized by the HGTV network. It is a fact that flipping houses can generate solid returns for experienced investors. But this endeavor comes with a lot of work and some risks.
What are the Pros of Flipping Houses?
The pros include the opportunity to make a good profit in certain neighborhoods and markets. More money can be generated depending on how many flipping jobs you can take on, so it can be something of a “side venture” or a full-time job. And it can result in improving the look and value of a neighborhood.
How to Get Started in Flipping Houses
It is important to know that success in flipping houses is determined by your experience and skills in the real estate market, by the condition of the market, and by how you tackle the project work—on your own or using the skills of a professional contractor.
Follow These Steps to Achieve Success:
Set a well-defined budget based on your investment goals and financial situation.
Get the financing you will need to make the purchase and renovations. Financing options include cash, hard money loans, private money lenders, and real estate partnerships.
Find a real estate property for sale based on a neighborhood analysis and knowing the real estate activity in that area.
Carefully analyze the profit potential for that property based on the offer price, cost of renovations, and the After Repair Value (ARV).
Make smart renovations that will most strongly impact the value of the property.
Market the property for sale and negotiate the sale price with the buyer.
Seek Expert Financing Assistance
Contact Revenue Park LLC, based in Bethlehem, PA to help you achieve your goals for flipping houses. Revenue Park LLC is a leading provider of alternative lending solutions for all types of businesses and entrepreneurs. We work with some highly rated financial institutions in the nation to secure financing to meet your needs.