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Andrew Mckay
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“Flipping” Houses For A Quick Profit
“Flipping” a house can be a great way to earn cash fast
A family I work with need to raise capital for investing in more long term rental properties They made their initial investments last year and were very pleased with the positive cash flow, good tenants and receiving rental income before the first mortgage payment.
They have decided to look for a house to flip: a property bought at below market value (BMV), that needs some tender loving care and can then be sold quickly at a decent profit. We have found a home in Wasaga Beach available at less than $200,000, that with some cosmetic work and a new roof should sell for around $250,000. The work will take less than 4 weeks.
What do investors need to remember when considering a home to flip?
- Ensure the house is bought at BMV. These homes often look in a state of disrepair but an investor can see past this as it won’t be their “home”, they won’t move in to it.
- The art of flipping a home is to spend as little as possible on the purchase and the renovations. Make sure the repairs will not prove too costly or take too much time.
- Research the area and find out what the average price is. Don’t base your figures on the highest price possible.
- Save on costs by doing as much of the work as possible yourself. Make sure the work is of the highest standard.
- AVOID houses with plumbing problems and or electrical faults. These are expensive to fix and can eat away at profits.
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