With shows like Property Brothers, Fixer Upper, and Flip or Flop, it's no surprise that more people are trying to break into house flipping.
Yet, this route takes a lot of work, creativity, and strategy to be successful.
An important piece of the puzzle is location, and St. George, UT, is full of real estate flipping opportunities.
Here are a few tips to remember as you start your journey.
Create a House-Flipping Budget
First, sit down and create a detailed plan of action. You'll want to set a budget first and find houses with that range. Next, research the going rate for houses in your budget range.
Factor in the following points into your budget:
- home improvement repairs
- landscaping
- safety and security upgrades
- appliances
- HVAC installation
- plumbing systems
Many first-time house flippers buy "fixer-upper" homes at very low rates. However, these properties require extensive repairs before they can be sold. You have to judge whether a fixer-upper house is worth the cost of repairs.
Think about how you're going to finance this venture. You could invest your own money or apply for real estate loans. House-flipping loans make it easier for investors to finance subsequent purchases, then, pay off the loans with the money generated from home sales.
You can also acquire hard money loans that estimate the amount based on the home's resale value after repairs.
Work With a Realty Company
Think about profit margins when buying homes. It may be worth buying an intact home with little need of repair and selling it for more than the listing price.
Remember, house flippers are investors. You can also buy a high-quality house in an area with appreciating values and flip it quickly for a profit. Investing in extensive repairs will prolong the process.
If the above idea sounds like your type of strategy, look for a realty company that can help you achieve your goals. For example, PMI St. George has a portfolio of homes for sale. You'll also get a dedicated agent who can help you crunch the numbers, promote, and sell your home quickly for a higher listing price.
Marketing Tips For Real Estate Flipping
Working with an agent takes your marketing strategy to another level. Agents use the latest in industry-standard technology to list, attract buyers, monitor, and analyze results.
Buying and selling homes through the same property management company keeps all of your real estate investing in one place, including marketing.
When you're ready to sell, your agent will generate a real estate value report. This data will help you set the right list price for your property.
Beyond listing, a property manager will hire a professional real estate photographer to take compelling photos that attract buyers. They're also experienced in writing real estate marketing copy that generates inquiries. A manager will also handle all open house duties so that you can focus on growing your house-flipping business.
Flip a House With PMI St. George
Real estate flipping is an exciting, creative, and strategic venture for the right investor. Think about these budgeting, financing, and marketing tips as you create a plan.
You can also book a consultation with PMI St. George today to learn more about our buying and selling process for real estate investors. We pride ourselves on leveraging the industry's top tools for success.
Contact us today!
