We’re all on the lookout for a great way to make money easily, and this is why so many people are attracted to flipping houses. There’s a good chance you’ve heard a flipping success story where the flipper netted well over five figures in just a few months. Unfortunately, it’s less common to hear about the house flippers who make poor choices and end up with a home they can’t sell and a mortgage that’s a big burden. In order to ensure you don’t end up in the latter category, it’s important to find an expert who can help you assess your purchase, its needed repairs, and the associated costs, especially with the mortgage.
Often the best expert to leverage is an experience local Realtor. This individual can help you locate and walk you through distressed properties. Further, a Realtor can help you understand what the current value of the property is, what repairs are likely to have the greatest return, and what the potential return is if the repairs are made. The right expert can also help you navigate the mortgage loan process as well as the identification and selection of contractors to assist in the rehabilitation of the property. Ultimately, based on this information, you can choose a property which best fits your budget.
Finally, although the least complicated method of financing a distressed property for rehabilitation and sale is through a standard loan, you may still be able to secure a construction or FHA loan. Just keep in mind there is often more involved in the process of securing one of these types of loans; for example, there is often more paperwork and inspections associated with them. If you go this route, be prepared to provide specific cost projections for your selected repairs and regular inspections to monitor your repair progress.
Are you interested in receiving more information on flipping a house? I’d be glad to help. Please give me a call or leave a comment for me below so I can connect you with a reputable resource in your area.