Super Fitness Health BlogAdvice for future flips
On my office wall I’ve got mounted the Mark Twain quotation “Buy land, they’re not making it anymore.” As a Guelph realtor I know that with the stock markets as unpredictable as they have been for several months now, many of us are worried about securing their investment strategies. From the email messages and calls I’m getting these days lots of people are thinking of real estate as a possible investment. There are lots of different ways to make it happen. A number of TV shows have purchasers planning on flipping properties and this can be an advantageous path to take for anybody who is prepared. It is definitely a different sort of game than purchasing a house to live in. So here are a handful of tips to take into consideration:
1. Do the research – And not just with Guelph MLS listings. There are lots of excellent books on real estate investment opportunities, and plenty of investors that are in a position to share their knowledge. Fully familiarize yourself with municipal zoning and building by-laws and fire and building codes.
2. Timing is essential – Flippers will always be performing up against the clock and many times around the clock. Time is definitely money whether it relates to applying for resources or having to pay trades to hang around waiting to carry out their part.
3. Creating a team – You want a team of specialists beginning from a loan provider who’s going to provde the funding you need to get the premises and do whatever work you plan to do. Then you will want a real estate agent who knows the regional market and understands your priorities and goals. An accountant, home inspector, lawyer, insurance agent, then perhaps plumber, electrician, drywaller, carpenter and painter as examples.
4. Be completely honest with yourself – What skill level will you bring to the task? How much time do you realistically have to offer for this? This should help you assess whether you adopt a project that only wants surface changes like floor coverings and painting or whether you’re going to be ripping out walls, kitchens and bathtubs. Will you require a general contractor to arrange and oversee things when you are at your usual job all day long? Have you added all the fees? Do the figures work?
5. Know your home buyer before you buy – When you’re trying to turn a property over it is not realistic to become too personally connected to it. By identifying who is most likely to wish to buy this asset from you, among all the Guelph open houses, you can better figure out which factors to modify, up grade or leave alone. Will it develop into a student lease, house for a younger family or empty nesters? Will the prospective purchaser be searching for granite countertops, solar panels or 3 plus bedrooms?
There are a great number of traders who have made their fortunes flipping property and perhaps you will become one too. It unquestionably can be a interesting and rewarding venture and for many a long term interest.
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