- You have probably heard that when you money flip houses money is made on the purchase and not on the sale. The purchase of buying the right property at the right price is critical. Many times investors find themselves devastated when they purchase a property and after all the repairs are not able to flip it for profit. When you flip houses in Chicago and suburbs do your best to estimate your renovation and holding costs always leave room for extra $ 10,000 for unexpected expenses?
- Get professional inspection and professional estimates by contractors – Professional and licensed inspector will evaluate the essential elements of the property such as foundation, mechanicals, electricity etc… Also consider radon and pest inspection. Even though you by the property “as is” make sure that you can back out of the contract if something wrong. Always consult attorney regarding your options.
- Don’t be Jack of all trades – do not do everything yourself, hire qualified and responsible contractors. Remember more time the renovation work takes more money it going to cost you on the long run. Especially if you are planning to flip real estate in Chicago and the surrounding areas where there are better seasons for sale of real estate especially during the summer.
- Price your property right: Your goal in flipping is to buy, renovate and sell quickly, after that you can move on to another project. If you try to squeeze the last penny out of the property you might lose thousands in opportunity costs. The goal is to get going and complete as many transactions as possible.
- Hire a Real Estate Agent in Chicago and suburbs – In order to buy the right property at the right price you need a Real estate agent to provide you with the most accurate info about the specific market condition, so you can make right informed decision. In addition, to sell and price quickly the renovated property you need the best marketing and exposure. Your agent will be very helpful.
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