Flipping houses offers a fantastic path to greater wealth for real estate investors of all backgrounds and across local marketplaces. The property market offers a few unique angles for investors, and perhaps the most exciting segment of the space is the flipping opportunity. Placed on a longer timeline, flipping properties acts in a manner that’s similar to day trading for stock investors. Flippers look to invest in properties that they can make alterations to and then resell at a profit as quickly as possible.
Unlike commodities traded on the stock market, real estate is uniquely malleable. Homeowners are able to put their unique stamp on any property that they own in an effort to boost the value of the investment asset. Homeowners in the United States utilize this approach to great effect, spending a collective $400 billion on home improvement and renovation projects annually. With this in mind, learning some of the primary focal points of the real estate space and utilizing high-quality strategies can provide you with a firm foundation for creating growing profits.
Invest in properties that exhibit prime foundational elements.
Real estate investors like David Lindahl are pros in the research and strategy building phase of the real estate market. David Lindahl has been investing in the real estate market for more than 20 years. As a specialist in the multifamily and commercial property spaces, David Lindahl has been leveraging high-net-worth deals for much of his time in the property space. Early on, David Lindahl learned the value of multifamily properties as a commodity that can be utilized multiple times at once. Today, David Lindahl provides guidance and advice to other real estate investors through seminars, boot camps, and podcasts. As well, David Lindahl is an author who has written a number of books on the real estate market and real estate investing. His works can be read or listened to in audiobook format.
David Lindahl and others have identified a number of essential elements that make for a great first deal or next deal (depending on where you are in your investment journey). One important aspect of a great investment opportunity is the location of any property that you may be considering. In order to successfully flip a house, you’ll need to identify properties that lie in favorable locations. This is because the location is the only thing about a property that you can’t change.
Great investments in this space need a little renovation to bring them to their full potential.
The core business of great flipping profits has to lie in the renovation process, though. A property in a great location that brings in high-quality contractors to renovate bathrooms, work on the roofing, or replace kitchen cabinets is one that is primed for a huge sale price that brings excellent profits.
The roof is a particularly important place to focus on for flippers. Buying a home with a leaking or aging roof is often a great idea, but it’s only worthwhile if you know that a new roof must be put on. Inspecting the roof and other essential elements like it can help you buy a property for rock-bottom pricing. Then, with the help of a roofing contractor that you trust, like Batterbee Roofing, replacing the roof can be done at a reasonable price. Your roof will take a lot of beating through the years, but a home that hasn’t seen proper maintenance is often lacking in the structural integrity that windows and roofs rely on.
If you can negotiate the price down with the condition of the roof, knocking off a large chunk of cash is easy. More often than not, you can get the roof replaced by a professional with years of experience in the industry for less than the price reduction as well.
With these approaches in mind, it’s time to get started on your next house-flipping project and start earning serious returns on your investments.