We all want to make money… it pays our bills, allows us to buy things we want and helps us more comfortably survive. So of course, when someone sees how “easy” it is to buy and flip a home for profit on TV, they want to try a slice of that cake to say they have tasted it’s sweet victory.
Most people don’t like trying and then failing. But what happens when you try “doing what everyone else is doing” and don’t get the results expected? You could throw up your white flag and be done with it, or, you can isolate what the problem was in the first place and try again.
Here are some aspects to have in place before you get started on any rehab type project, covered in more detail by this INVESTOPEDIA article, Top 5 Must-Haves For Flipping Houses: http://www.investopedia.com/articles/pf/07/flippers.asp
- A Group of Experts
- A Handyman or Knack for Home Improvement
- A Good Lay of the Land
- A Good Estimator
- A Dose of Patience
With the correct value give to these points above, you success and profits could be greatly affected.
In the end, is it more beneficial or harmful for you to fix & flip a home? That depends on if you like taking risks to accomplish your goals. As I’ve heard before, “Successful people take big risks knowing they might fall hard. But they might succeed more than they ever dreamed.”
Are you looking to invest in a rehab project but still need financing? If your favorite bank has turned you down, give Ken Walker of Sun Pacific Mortgage & Real Estate a call! (707) 523-2099