Is it possible to flip houses for profit with no experience? Luckily, this is one area of real estate investment that is viable even for beginners. Here is a simple beginner's guide to house flipping to get you started:
Flipping a house requires more cash up front than with a traditional home purchase. This is because besides things like the down payment, you'll need cash to pay for renovation materials, tools and labor. Many flippers save up money before they begin, but there are also specific loans available for renovations. Research your options and compare lenders to find what works for you.
Fixing and flipping a house is difficult to do on your own. Having at least one other person available to help you with renovation projects, logistics and planning will help your flip go more quickly and more easily. It's also a good idea to find a real estate agent and a licensed contractor to work with you throughout the project, as well.
Just like a traditional home purchase, you'll need to save money for a down payment and whatever type of loan you choose. However, when planning for a flip, it's also crucial to determine your ARV or after resale value. The ARV will tell you the minimum amount you must sell the house for to break even on the project. Obviously, it's ideal to make a profit, but knowing your ARV will help you stay on budget and price accordingly.
Once the renovations are complete, it's time for the payoff. This is where working with your real estate agent comes into play. They can help you list and sell the property efficiently so you don't waste money and time with it on the market. An agent can make sure you list at the right price and handle showings with potential buyers. This will give you the best chance at a profit for all of your hard work.
Bilingual Agent: English & Vietnamese
I am an energetic, God-loving person who loves all that city of Baton Rouge has to offer. I became a licensed REALTOR in Louisiana and began selling real estate with one of the nation's largest Real-Estate companies. I specialize in residential properties in Baton Rouge and the surrounding areas. I always explore new marketing options, business ideals, and higher-quality service standards to redefine real estate with client experience! As your real estate agent, I assure you that you will get my 100% focus and attention, the absolute best price, and the least amount of inconvenience, whether buying or selling.
You will also notice in any situation when dealing with me, expect to be open mind and honest, with the constant communication, integrity, and professionalism. I love my career and pride myself on being a hard-working professional and skilled negotiator.
For a consultation or if you're thinking of buying/selling/building/leasing/investing in residential and commercial properties in Baton Rouge or the surrounding areas of Louisiana, please call/text me at (225) 405-7463. I would love to be your neighborhood agent!