Should you flip a house for profit?
Flipping a house involves buying those disastrously looking “knock-downs” and then fixing them up for (hopefully) a large profit. But should YOU buy a house in hopes of flipping it?
First, do consider that shows such as “flip this house” really aren’t true flipping, as much as minor cosmetic facelifts. Most flipping involves more than some new paint and fresh linens. We are talking things like remodelling kitchens and bathrooms, major home repairing, etc… most of the things that send most running in terror. And you want to get a building inspection before you buy, so that you know about any major structural types of issues as well.
How are your skills? Sure, anyone can wield a paint brush somewhat successfully, but what about tearing out old cabinetry and installing new? Are you willing to learn how to install and grout new tile?
You also have to be sure you can sell it for a profit after taking into account expenses… and this would also include things like mortgage payments, closing costs, utilities, supplies, any outside labor or trades you need to hire.
Filed under: Real Estate
Leave a Reply