5 Things You Should Know Before You Flip A Propert

1. Money is made at the buy, not the sell of your flip. When flipping a house your money is made at the purchase not at the sell of the house. So, many times people buy a house with the intensions of making a huge profit only to find out that they could not make any money after all the renovations because the purchased price of the house was to high. When you purchase your property you need to be sure that you buy the house with enough money to make renovations, have carrying cost, and add about 5 $6,000. Now, cost is at $147,000, and that is if everything goes as planned. Profit is under 10,000 dollars. The mistake was made at the purchase at the home, not the sell.

2. Get an inspection on the home - Get a complete inspection done on your property. By, spending a few hundred dollars on this expense you can save thousands in problems that you cannot see. Foundation, Pest, Wood Rot, Etc... By, getting a full inspection you can rest assured that you know every thing that is wrong with the property before its to late. In the contact for the house you need to make sure that you have 7 days to have a inspection preformed, and if the inspection finds problems that are going to cost more money that you are willing to spend you can get out of the contract with no penalties.

3. Don't do the work yourself: - Get a contractor or several sub-contractors and have the work done quickly. You need to have you house flipped ASAP, so that you can get it on the market and get it sold. When I started flipping my brother and me did a house together, and we did all the construction. I had a construction background and figured it would save thousands, but it took us over 4 months to get the work done that a contractor could have had the work done in a month. But, we trying to save money on our flip did all the work on our time off and after work, and it just took to long. On our 2'nd flip we used contractors for almost everything and had the house completely flipped with a new roof, new air conditioning, new hardwood, and much more in only 3 weeks. We did not have to spend all our time working on the property and were able to spend that time looking for the next deal. This is how you get rich in real estate.

4. Place the property 1 to 2 percent below market value: If you are wanting to flip real estate and make money the object is to buy and sell the property as quickly as possible, so that you can move on to the next house. If you purchase a house and try to sell it at top dollar to make and extra couple of thousand dollars on your flip, and end up holding it for 6 months you are loosing money. Get the house on the market at a price that is going to blow the competition away, and you will sell it no matter what the market conditions. On our second house the market for selling house went down do to the housing market as a whole, and the tightening of the loans across America. We were told that you could not sell a property in this market, but we went ahead anyway and flipped our house. After 3 weeks on the market we had 3 people wanting to buy the house. Why, because we offered it at such a great deal that people wanted to jump on it. That is what you have to do especially if the market is slow.

5. Use a real estate agent - Do not try to sell you house on your own. Harness the power of a real estate agent and the power of the MLS system. When you do a FSBO you are depending on people driving by your house and seeing you sign, with a real estate agent you have some one actively marketing you house to get it sold. Once again this will free up more time for you to look for more great deals. If you want to help the process I have found that craigslist and listing you house in google adwords help to, but I use these tools with the help of a agent to make sure I have all my bases covered.

I hope this article has been helpful with the basics needs of flipping a house. If you will study and learn you will make money. But, do your homework before you purchase a house, and make sure that you can pull a profit on your deal. Then, make it happen!



Posted by Brian Bell on December 13, 2008 at 12:00 AM

About Brian Bell
Brian Bell is affliated with Coldwell Banker Trails and Paths Premier Propertie, which is located in Mesa, AZ. For further assistance please use the contact information located on the right.



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Local Information for Mesa, AZ

Latitude: 33.411199 -- Longitude: -111.746438


ZIP Codes for Mesa, Arizona 85201  85202  85203  85204  85205  85206  85207  85208  85210  85211  85212  85213  85214  85215  85216  85274  85275  85277 
Area Code for Mesa, Arizona 480
Time zone for Mesa, Arizona MST - NDST



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Mesa is a city in Maricopa County, Arizona and part of the Phoenix-Mesa-Scottsdale Metropolitan Area. It is the third-largest city in Arizona, after Phoenix and Tucson. Mesa is one of the United States' fastest-growing cities, and currently ranks as the 41st-largest. In 2005 the mid-decade Census survey estimated the city's population to be 448,096. Though a suburban city, Mesa actually has a larger population than better-known cities such as St. Louis, Missouri, Miami, Florida and Pittsburgh, Pennsylvania. Despite its large population, Mesa has a decidedly bedroom-community, sprawl-like character. Its downtown is minimal, and there are very few buildings in Mesa with more than two stories. Nevertheless, the recently completed Mesa Arts Center may help invigorate downtown Mesa. The city is also home to many gated retirement communities, which may explain the large percentage of senior citizens in the population. -- Source: Wikipedia.com




Arizona 2000 Census Population Profile Map

Mesa Arizona United States
Population 396,375 5,130,632 281,421,906
Median age 32 34.2 35.3
Median age for Male 30.7 32.9 34
Median age for Female 33.6 35.5 36.5
Households 146,643 1,901,327 105,480,101
Household population 392,426 5,020,782 273,643,273
Average household size 2.68 2.64 2.59
Families 99,856 1,287,367 71,787,347
Average family size 3.2 3.18 3.14
Housing units 175,701 2,189,189 115,904,641
Occupied units 146,643 1,901,327 105,480,101
Vacant units 29,058 287,862 10,424,540

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Brian Bell - Coldwell Banker Trails and Paths Premier Propertie
Brian Bell
Coldwell Banker Trails and Paths Premier Propertie


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Mesa, AZ 85215

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FAX: 888-308-3133



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