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The first thing you should know when considering flipping a house is the easiest way to purchase it is through home equity or cash in the bank. Most homes that are prospective flips are not in the condition for lenders to even consider lending. I’ve represented both buyers and sellers in this process. For a buyer, you definitely want a team of contractors lined up ahead of time with hard quotes you are working from, to assess the investment cost.
Usually, most flipped homes go 20 percent over budget due to surprises, no matter how well everything is anticipated and budgeted. Where some flippers may go wrong with things is installing granite countertops and stainless steel appliances when they are not comparable for the market the house neighbors. Also, a flipper really needs to keep an eye on the real estate market. In the 2008 crash, a lot of flippers had to become landlords because they couldn’t sell their properties. Every property needs to be examined thoroughly before the decision is made to flip the home. I can assist buyers and sellers in that regard. Feel free to give me a call about any flipping/investment real estate inquiries.