Tips & Tricks For Home and Condo Flipping 2024
Are you interested in investing in New Jersey real estate but specifically in flipping homes or condos? This has been a great money maker for many as long as they were educated and capable. It may seem simple, but it's not as easy as you may think. Before you get started let's look at some important things you need to know before you start looking at homes to flip.
Tips & Tricks For Home Flipping a Condo or House in New Jersey in 2024
Before you do anything you want to research and understand your market. The home you flip will need to be one that will sell fast and bring you a profit.
You need to become an expert on your financing options. How are you going to purchase the home you flip? Are you using cash or a mortgage? This will help you make the best decision for your circumstances.
You need to get a good grip on how much you can afford. Most experienced flippers follow the 70% rule. This is simply that an investor shouldn't pay more than 70% of the after-repair value minus the cost of repairs.
The less money you spend then the more money you make. you will need to acquire good negotiation strategies so you can effectively complete your project within budget. (Hint: This is where I come in!)
Networking will be a huge part of your process. You need to find potential buyers before you even secure the home you are going to flip. Use the people and resources you have around you to line up your buyer when you purchase the home.
Research Listings and Foreclosures
Take time to use the many online resources available that will help you find foreclosure listings. This is where the real deals can be found and it really pays to use an agent that can help you find possible off-market properties, coming soon or just have the inside scoop on potential bargain properties in your price range. (Again - here is where I come in!)
Make an Offer
When you find the home you want to flip, make an offer. If it fits your needs perfectly, odds are it fits someone else's and you may find yourself in a bidding war. Before you make an offer, make sure you know the highest price you can pay for a house and still make a profit.
It is imperative you find trusted, licensed, reputable contractors to complete the work you need to do for the flip. It is always best to hire a professional contractor. If you are entering into the flipping business, it is a smart idea to compile a list of quality contractors before you make an offer on a home. Most flippers try to keep the purchase, renovation, and resale all within 90 days.
Relist and Sell
When the renovation is complete, it's time to relist and sell your home. Most flippers will do this by working with an agent. Working with an agent for this step will bring you more buyers and more marketing exposure to the property.
Flipping homes can be risky but with great risk comes great reward. Take these tips and tricks into account so you can make smart decisions in your home-flipping journey. Ready to get started? Contact me at any time for updates on new properties or a portfolio of potential investment gold mines! (201) 418-7688