Tag Archives: real estate

What Does it Take to Flip a House?

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Flipping houses can be the easiest money you ever made. It can be stressful but if you follow key steps, followed by an understanding of how real estate works, you’ve never lose.

I love flipping houses, it give me time to spend with my dad. He won’t let me do all the manual labor, but he certainly lets me make key decisions and manage the project. Whether you’re doing this as a project with your father, husband, friend or business partner, you’ve absolutely got to know what each persons responsibilities are.

Location, location, location. When you’re buying a house to flip location is absolutely critical. There are three factors in selling a house, price, location and look. Look and price you can control, but location you cannot. To avoid any risk, make sure the location of your investment property makes sense for that city/town/village you’re buying in.

Like anything else, flipping a house can be stressful. When it becomes stressful people get angry at each other. DELEGATE TASKS. Make people responsible for their areas, and let them do their job. Don’t interfere with each other but don’t ignore each other either. There’s a fine balance between an authoritarian approach and a collaborative one. Find that line with your other partners. For my dad and I … I wasn’t allowed to touch the power tools. And the wall colors were his choice (beige). That was all he wanted.

Now, I say its easy mainly because I know what I’m doing. If you don’tflipahouse flipping a house could be the hardest thing you have ever done. The most critical choice is the house and price you initially buy it for. Look for a house that no one else wants … the house that looks awful on the inside, whose garden looks like it hasn’t been touched in years and where the kitchen is the initial kitchen from 1950. These are the gems.

We just bought a house with pink carpet, walls and curtains. EVEN THE BATHROOM HAD PINK CARPET. The couple had lived there since it was built in the 60’s and put it up for sale as they were moving into a retirement home. We walked in, beautiful lot, god awful interior and though… its just perfect. Put in an offer after spending 20 minutes in the house (prefaced by a lot of research on the location).

Picking a house can be this simple or it can take months. But don’t rush the process, budget what you want to spend in renovations, budget how much of a mortgage you can carry and go find the perfect house for you ☺

Good luck!

The Right Real Estate Agent for You

Whether you intend selling your house anytime soon, or wish to acquire a property, you need to know exactly what to expect from the real estate agent you are going to be working with.

Especially if you are looking to sell your house, you have to look out for a realtor that you are very comfortable with. It doesn’t make any sense being uneasy with the personality of the agent whenever he/she arrives at your house. As long as you feel he/she has a harsh personality, a buyer could also be deterred from doing business for the same reason.

You also have to be wary of working with agents that seem to be too busy, and may not have time for you – whether you are selling or trying to buy a property. Before you go into any contracts with any agent, make your expectations clear and try finding out how he/she intends to satisfy them.

stk119542rkeDepending on the conditions of the sale, ensure you make appropriate arrangements with the real estate agent regarding when to hold an open house with the buyers. Some buyers may find it difficult to express themselves as to how they feel about buying the property.

Of course, the absence of the real estate agent should be unheard of during these times, because you as the owner of the house should not be the one to present your house to the intending buyers.

Where the realtor does not meet your expectations, be sincere with him/her, and where necessary get another agent.