Call me hard headed but even with all these over priced homes sitting on the market, I still think I can make some money.
Hey, people are moving every day. They gotta' live somewhere. I'm not greedy, so it doesn't have to be the "mother load." Just give me some tips so I can make the best showing I can. Okay, here's 10 things to prepare you for flipping a house:
1) Know your market. State, city, neighborhood.
2) Look for a "bad" house in a good neighborhood. A quality built home in a good area in need of TLC is an excellent consideration. Avoid homes requiring costly structural repairs.
3) Be prepared to do some of the work yourself.
4) Ya' gotta know the features that will sell a house in a hurry. If you don't know ... ya' better ask somebody ... like a good local realtor.
5) Don't ignore curb appeal.
6) Don't procrastinate, if quick money is what you are trying to do. Especially if someone makes you an offer and it is somewhere close to what ya' thought you could get.
7) Create a time line and budget before you start looking for the house.
8) Get a professional inspection.
9) Get several financing options, somebody is likely to make you mad.
10) Don't start with a high risk property especially, ya' may have to carry that mortgage a few months before you sell it.
11) Bonus!!! Know when to cut bait, get out and take a minimum loss. It happens and it shouldn't stop you from buying again. Next time you'll be smarter. Millionaires have legendary losses and mistakes and they use them as learning opportunities.