It’s about that time! The weather’s getting warmer, and the sun is coming out, so it’s time for spring cleaning. And you may be thinking, “I’m selling my home. Is this
Tips to Becoming a Flipping Star
Dated: January 9 2022
Views: 790
You just had a marathon weekend of watching the art of flipping houses on HGTV. And now you are ready for the hunt. But wait a second there moviestar! Before you begin, you may need the expertise of the Levi Rodgers Real Estate Group (LRG) to help you with that flip.
San Antonio is a competitive flipping market. First you need to decide if you want to flip a property for profit or use it as an investment property (rental). LRG can help you navigate which is a better option for you. For this article, we will keep it along the HGTV theme of flipping for profit. Wholesale real estate investing, commonly known as flipping, requires planning and knowledge because a lot of novice investors underestimate the time and money to put a house on the market.
Do the Numbers Work?
Once you pass the hurdles of financing your flip (which can be a separate article) and are aware of the cost of the house’s repairs, the goal is to make all improvements and find a buyer before your first mortgage payment on the flip. That’s why on a lot of these shows you will see them working hastily in 30-45 days to get everything done before the flip becomes a burden.
Make sure your expectations are realistic. Don’t expect to sell a house for $300,000 if most houses in the neighborhood are selling for $200,000 - you don’t want the house you bought at a bargain to result in little profit after repairs and market conditions.
Major Improvements
Like any home that you're getting ready to sell, find an experienced inspector to assess major items before the purchase, such as roof, foundation and HVAC repairs. Unexpectedly spending another $10,000 to fix the home’s foundation often makes the show more dramatic, but for novice flippers, this could break your bank. One you have an idea of the estimated costs of big-ticket items, everything after that is considered cosmetic and will only help the house sell faster. Skipping on even minor details could mean the house will sit longer on the market.
First Impressions
Like going for a job interview, buyers often make their first impressions the moment they see the house. Think curb appeal. Does the house stand out from others? Once you lure them to the front door, hopefully your upgrades and staging will help get the house sold. For instance, in this remote/pandemic environment, does your house offer an office or workout room which may appeal to buyers right now?
And for all you HGTV fans, the network will be debuting “Why the Heck Did I Buy This House?” this season. It will feature a San Antonio-based designer and renovator Kim Wolfe, who comes to the rescue of homeowners who have major buyer’s remorse. The show is a part of 11 new series that are popular among its viewers from home renovation, design and real estate to rentals.
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If you, or anyone that you know is interested in purchasing a home, we have a solid team of experts who work to help our clients win. Our agents are working hard throughout the state of Texas, from San Antonio, to Austin, and Fort Hood Texas. We offer the service, guidance and expertise to help you buy or sell a home today!
Give us a call seven days a week to purchase or sell a home, or simply talk and let us answer your questions. We are available from 8 am to 9 p.m. everyday! Office: 210-331-7000; Text: 210-801-9115
The Levi Rodgers Real Estate Group
Levi has led 2 very distinct lives: a successful Military career as well as leading one of the most successful Real Estate companies in the country. In 1996, Levi enlisted into the Army as a combat e....
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