House Flipping Business

House Flipping Business

Much has been written on house flipping over the past few years. Magazines, websites and articles are devoted to every aspect of this business. But, every once in a while it is beneficial and a good idea to examine things from a different point of view. Let’s review some of the lessons we have learned:

Many people think that flipping houses is illegal or unethical or un-something in some way. None of this is true. House flipping is a needed service for every community to bring older properties with structural or code violations back to good condition for the next family.  Extending the useful life of our existing housing is extremely important.
 

Professionals make money in this business when they buy a house and not when they sell it.  It is very difficult to close the net profit gap if one overpays for a home.
 

Don’t rely on a rising market to make your take home profit.  Always buy a property assuming the market will remain flat.
 

You should avoid large renovation project when possible (but, you need the philosophy of “we buy old houses” approach).
 

You need to always play the income tax code game and take every legal deduction.  But, don’t cross any grey line.
 

You need to plan for the unexpected by having a funded cash reserve on hand.
 

You need to pay attention to all legal documents especially the ones with your contractors.  This includes certificates of insurance.
 

You need to renovate for a wide audience and avoid loud paint colors and tiles.  Do not assume that your tastes and style will be the same as a buyer’s.
 

House flipping is a people to people business.  Good interpersonal skills are a key to success.
 

In the end, just try to have fun and plan ahead.  If you have a passion for the house flipping business, it will never be a “job”.

 

House Flipping Business

House Flipping Business

ToneyRickPrincipalBlue Moon Realty GroupOffice179 Quincy Street, Suite 4BrocktonMassachusetts02302
United StatesReal Estate Developer February 14, 2015

House flipping business, Blue Moon Realty Group, sell home fast, sell home for cash, probate sale, short sale, help homeowner, avoid foreclosure, fire damaged house, tax lien, all cash buyer, environmental damage, environment issues, needs work, mold, dry rot, residential redevelopment company, need to sell my home asap, fast cash for home, sell home fast, sell homes fast