If you are entering the realm of real estate and are thinking of buying homes to flip, here are some ideas on how we can be of help.
Find the right home:
If you are looking for the right home, our Anne Winch Real Estate Team can save you some steps. Our Team can:
- Check MLS for the right type of home you want
- Check with other real estate teams to find out if there are any homes that are going to be listed
- Find the neighbourhood where you will get the best value for your home – research what markets you can afford
- Help you find homes that may need a bit more TLC but are still going to give you a return on investment
Table all your costs:
Do a drive by on any homes that may be of interest. Have your real estate team set up a showing so you can see what repairs may need to be done. Look at the big-ticket items: water damage, foundation or roof repair. In the beginning you may want to get the help of a building inspector to help find problems that may cost you more money than you thought. Calculate the cost of repairs so you will have your after-repair value. You want to buy low and sell high.
This is your business:
Flipping homes is a business so with a business you need a budget and a solid business plan. How much do you have to invest? How much should you have in reserve? Can you afford the monthly mortgage, utilities and taxes?
Is this your first home to flip?
If you are just starting in the business, it might be easier to try your first home that just needs cosmetic TLC – new paint, new fixtures, simple kitchen or bathroom updates? How handy are you? Are you able to do most of the repairs or will you have to contract out? Your margins for return may be lower but you will be able to repair quickly and sell sooner than a home with more repairs.
Always check with your lender to make sure you are both on the same page and that the money will be there for you while you are doing updates.
We know people!
If you are new to renovations you may need some help finding professionals to help you along the way. We have a team of professionals we use from building contractors, inspectors, legal and monetary help. We want to help you succeed with your endeavour.
We can do the buying / selling negotiations for you
Leave the negotiations to us as we have many years of experience negotiating real estate deals. That is why it is very important to always pick a real estate company you can trust with both the purchase and sale of your home and how to negotiate those real estate contracts specifically for you. Our Anne Winch Real Estate Team would love to help you find the right home. Give us a call for any of your real estate needs for purchasing, staging or selling and of course negotiating on your behalf.