There is no denying that real estate is a lucrative industry. Aside from being a passive income generator, it can also become a full-time job, with flipping houses as an example.
How Does House Flipping Work?
Commonly used in the United States, House Flipping is purchasing a home and renovating it to sell it for a higher profit.
Sounds like a good deal, right? But experts warn beginners that there are severe implications in house flipping once there are things overlooked. To help you get started, here are tips on entering real estate and quickly earning your stripes.
Look at the Market
In Australia, there are different property markets, with each having its trends. As a beginner, you can look at listing services. However, there’re no denying that the best prices often come from off-market or those not listed in listings. What’s best is to hire a broker to help you in both listings and off-market to find the property you want to flip.
To help you locate the best houses to flip, look at the ones with broken windows, peeling paint, or those that are not well maintained.
Create a Budget and Timeline
Experts recommend that first-time flippers should first understand the total cost of the process. Flipping houses involve both the cost of acquiring property and renovations that it should undergo. That’s why you should include in your budget the after-repair value (ARV).
However, make sure your repairs in mind are realistic enough. One of the most common mistakes first-time flippers make is too many improvements. Don’t become emotionally attached to the property. The goal is to earn profit and not make it your dream home.
If you want to Buy Properties in Melbourne, Sydney, or other sought-after cities in Australia, it’s better to hire experts who can help you find hidden gems in those areas. Again, not all well-valued properties are in listings. So, getting help from brokers who always puts your best interest first will always provide alternatives.
National Brokers Network has a team of seasoned veterans in the industry who combines fresh and traditional ideas in both buying and selling properties. Whether the property is residential, commercial, or an existing business, our listings showcase up-to-date information about these properties.
Call us at 03 9226 9222 or email NBN through email@example.com to get in touch with a broker in your area and start finding properties to flip.