Top 5 Must Haves for House Flippers
If you have ever bought a house and sold it or just bought the house for you to live in, then you probably know about flipping. Flipping is buying a house that is being sold, paint the house, trim the bushes around the house and then sell the house at a profit. Most people think that flipping is quite easy but it isn’t. if it were that easy then everyone would be doing it to perfection.
If you plan to enter into a real estate transaction of this kind, there are people and skills you should have at your fingertips. These skills are a must for any flipper or any investor in the real estate sector. Let’s discuss these 5 skills that you need to have if you plan to be a flipper.
A knack for home improvement or a handyman.
Most flippers know how to get simple house repairs done in a short time span especially if you are having financial and time constraints. Things like fixing a sink, plumbing work, installing a countertop, shingle a roof or even basic electrical work, they are very good at getting such jobs done.
It is vital for you to such skills because you can do the work on your hence you won’t have to hire someone to do the job for you. This is particularly vital if you want to repair or replace something on short notice as you won’t have the time to call an electrician or a plumber to get the job done. If you also want to get a certificate of occupancy, you need to be good at such jobs because you may need to repair the house on short notice. When such scenarios occur, you will need to be good at navigating your way through a tool box.
A Group of Experts.
There are usually legal, construction and accounting ramifications that are experienced when you are flipping a house so it is important that you have a group of experts who are conversant with such ramifications.
As you may know that flipping a house is quite costly. You need to maintain a budget will also working against time, so that you can sell the house at profit before the costs of flipping the house eat into your profits. If you have a group of experts like insurance agent, home inspector, an accountant, a renovator and a contractor, they will enable you flipping to be done in an efficient ant timely manner.
A Good Estimator
A good estimator is a must for a house flipper because the flipper may underestimate the cost of refurbishing the house and this will definitely lead to monetary losses to the flipper. A flipper usually buys a house, flips it and resell it at a profit in a short time span. For this to happen, he or she must definitely make some cosmetic and structural improvements or changes to the house so that the house becomes appealing to the prospective buyer.
The flipper should be conversant with the cost of construction materials, local construction codes, the time it will take to get the job done and also cost of labor. This is not a mean feat for any flipper as it has taken seasoned construction professionals years to be well versed with all the nuances that can exist when you are flipping a house. Before you flip a house, make sure you know all your abilities so that you can easily estimate the time and cost it will take to finish the job.
A Good Lay.
Before you flip a house make sure you know the terrain of the land or the area you intend to buy the property. Some of the characteristics you should know about are like type of home, number of rooms, acreage before you the buy the property. One thing that is also important to know is that if there houses in the vicinity that have also been flipped and how they fared when being sold plus also if their future developments that are to happen in the area. This will enable you as a flipper to know how much the house will cost after it has been flipped and also the time it will take for the house to be sold.
This is one attribute that most flippers lack. They seem to think that if he or she has already flipped a house well then it will sell immediately. Some cases where they lack patience is when a flipper is worried that the flipped property may not be bought easily, so when someone comes and wants to buy the property at a throwaway price, the flipper will be tempted to sell the property not knowing that if he or she is just a little patient, a buyer will come and buy the property at a very good price.
Before you quit your job and become a full time flipper make sure these 5 attributes.