With a number of TV shows dedicated to real estate investors who fix-and-flip houses, a lot of everyday people are looking to get into the business as well. However, fix-and-flip endeavors are rarely as easy as they seem on TV, and it is always best to work with a real estate agent when you are selling real estate or buying it. Here are a few myths about fix-and-flip real estate transactions.
Myth: Houses that are suitable for fix-and-flip opportunities are easy to find
Fix-and-flip properties are rare in a lot of areas. You may find a home advertised that is listed as "needs work" or "good investment opportunity." However, even these properties can require substantial upgrades before you could recoup your investment and make a profit. Reach out to a local real estate agent who has a good grasp on newly listed homes. They can help you learn of desirable properties as they show up on the market so you have the greatest chance of making an investment that will offer a good return.
Myth: Most homes do not need a lot of work to garner a serious profit
It is true that some homes can gain a noteworthy change in value with just simple changes. For example, you may find a home that merely needs a facelift — new floor coverings, paint, and cosmetic repairs. You could easily keep your costs low with this kind of property for sale and see an attractive return on your investment. However, you do have to keep in mind that most properties will require more in-depth upgrades to garner a sizable profit. For example, you can see a bigger return on your investment for something like a kitchen renovation or landscape and exterior upgrades.
Myth: Selling houses after the fix is usually a quick process
While there will always be some homes that are easy enough to sell because of the location, features, or market demand, it is not always easy to sell a home after the fix. Any experienced real estate investor who focuses on flipping properties will tell you that a faster a home sells, the better off you will be. A quick sell usually means you don't have as much money tied up. working with an experienced real estate agent to help you sell homes after you have made the upgrades will help ensure you get the property sold as fast as possible.
If you need to sell real estate, talk to a real estate agent in your area.Share
4 December 2020
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