Only Realty: Real Estate

These tips will help you find good investment properties.

The obvious way to be safe is to make sure you buy low all the time.

In order to qualify a house as a good investment, there are important points you must consider.

1)    Extent of repairs
Most houses for flipping need repair.

You must determine the extent of repairs needed and estimate how much it will cost.

If you determine the fixes needed are mainly cosmetic, you probably have a good deal.

Unexpected or major fixes can take all your profits.

2)    Budget
Can you fix it without getting out of your budget?

Every so often, it could be necessary to do an inspection even for a house that needs repairs to find out if you might require to do structural repairs  such as plumbing, changing walls and so on.

3)    Time frame
Can you complete the changes within a short time-frame?
Will these changes boost the house value and make it easier to sell?

Speed is necessary when flipping houses so costs remain low.

The goal should be to spend little money, make your profits and go to the next deal.

4)    Hiring contractors Vs doing it yourself
Even though flipping houses involves wholesaling them to other rehab real estate investors, it may well be necessary to assess the type of rehab that needs to be done and if you can do it yourself if necessary, or hire a contractor to do it for you while keeping the carrying costs low.

5)    Neighborhood
Avoid low-priced areas or war zones.

You must also avoid high end areas when flipping houses.

Staying within the medium price range will not only give you more deals, but your properties will be more marketable.

Is the home a good match with other homes in the same neighborhood?

Is it the same size like most other houses?

These things will make your house harder to sell and eat into your profits.

Stay within medium range in the same neighborhood to sell faster.

6)    Comparable sales
Are comparable houses selling at a price that can leave profits for you?

Even thou you might think you are buying low, comparable sales might prove you wrong.

It is safer to have conservative estimate of the fair market value when buying houses than make end up making a loss because houses in the same market have not been selling within your price range.

7)    Demand for the property
Even in a depressed real estate market some neighborhoods are more marketable than others.

Is it within easy access to services like shopping, schools, recreational facilities, and others that make it more appealing to house buyers?

This will make it easier to sell your house fast .

Whether you plan to flip the house to another investor or do the repairs yourself, these are important factors to consider that will make your house sell faster and move on to the next deal.

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