Thanks to all the shows out there on HGTV, DIY Network, and A& E, we all want to be fix and flippers. Well, why not. If you can get a property in the right area at the right price – you can dive right in. There’s something special about taking a distressed property and adding value. You’re making that eye sore beautiful again and helping improve a community one house at a time.
Let’s examine the steps of a buy, fix, and resell which is what I call flipping. The first thing you have to do is find the house. You make offers. Often times you make a lot of offers to get that right deal. Finally you get a property under contract, you need to carefully inspect the home. Once you have inspected the home with either a licensed inspector or your contractor and are comfortable with the project, close on the house. The actual rehab process begins and this can be the most exciting and the most challenging. This is where you make and break the deal.
Once the house is renovated and perfectly clean, you need to get it back out there on the market for sale. List your home with an agent who is prominent and successful in the area. Once you sell the house, celebrating can begin!
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