TIPS FOR A FLIP
Posted By: Marsha Grimm
In: About AgentOwned Realty
Date: Tue, Sep 27th 2016 2:01 pm
Flipping seems like a great way to make some quick money but be aware of potential pitfalls:
- Never buy a property at an auction, it is important to see it firsthand.
- Find out how long the property has been vacant. The longer no one has occupied it, the better the chances of damage from neglect.
- Always hire a good home inspector to look for issues that are not obvious to see even if the property is being sold “as is”.
- Beware of legal “glitches”. Ask your attorney to make sure there are no problems with transfer of ownership, title, etc.
- What seems like a great deal may not be when figuring in the additional costs, financing, commissions, closing costs, homeowner’s insurance and property taxes.
Keeping these tips in mind, flipping can be quite profitable and fun, especially for an investor that is able to do the majority of the remodeling himself.
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