Flipping Houses on a Dime: A Comprehensive Primer
In the last few years, flipping houses in Minnesota has become a popular way to make money. But how does it work? There are many different strategies that can be used when flipping houses; some people purchase homes and try to resell them for more than they originally paid. Others buy fixer-uppers, not intending to live in them but rather hoping to sell them quickly at a higher price or rent them out. The process is usually as easy as buying and selling stocks online – all you need is an account with a reputable broker!
Despite the ease, there are many pitfalls to flipping houses. Most people don’t have much experience in this area and may not be aware of all that needs to happen before a house is ready for purchase or rental. The first step is finding an opportunity – these can come from friends who know someone selling their property, online listings, or by just driving around looking at signs advertising “For Sale” homes. Once you find it’s location, inspect it thoroughly: drive by several times taking notes on what type of neighborhood it’s located in; walk through the inside noting any damages or needed repairs; talk to neighbors about how long they’ve lived there and if they like living nearby.
Also, make sure to hire a qualified contractor to inspect the property, so that you know exactly what needs to be done before it can go on the market. This will ensure that your finances are not drained and leave you with nothing at the end. It’s also good for marketing purposes because potential buyers like seeing a house in great condition!
A home inspection is usually included in this purchase process – make sure they check everything from roofing material and insulation levels, down to plumbing fixtures and foundation issues. If any of these components need replacing, now would be the time since contractors charge more once work has begun; don’t add another $5000 onto your rehab budget by waiting until after-the-fact!