Before you buy a house from a seller to flip you have to consider the cost of fixing a flip, so you will want to look over the house to see if it will be worth the costs imposed and be of interest to you market. You will then have an opportunity to make an offer to the owner depending on your overall conditions you see. Most important the sale should only be contingent upon a final inspection of a qualified person.

A wise investor will know the market and ran the figures against other houses in the area before actually buying any house to see if there is a substantial profit to gain after repairs, renovations and normal operating expenses are paid. You can obtain these figures for all market price value of the house in any area from the taxation department in your county and in most case the land value may be worth more than the house sitting on it.

It is also a good Idea to get an appraiser to place a value on the house. With the aid of the appraiser quote you can determine the expected profit of the house after repairs and expenses to decide if the property to flip is worth your time and investment.

As mentioned in previous chapters it is crucial that the house you flip has only minor repairs to contend with and any structural repairs should be questioned with possible actions to not purchase. Your goal here is to buy low and sell high enough to pay the expenses, make a profit and move on. Any major repairs will only burden your efforts and create a possible loss or break even situation. Cosmetic repairs like painting and general cleanup are the accepted rule. Sometimes by just cleaning up the yard, cutting the grass you create a very nice curb side appeal for that first impression.

Concentrate in areas of the house to remodel that people are most interested in, such as the kitchen which is almost certain to increase the value of the house several thousand dollars. The bedroom and bathrooms are other areas of interest to potential buyers. Just installing a nice closet organizer, or new counter tops and a sink will impress buyers enough to buy the house.

Some people that are flipping houses stay small and only manage one, or two houses at a time, are experienced enough to do minor repairs themselves saving the cost of hiring a contractor, or handyman. When you start acquiring more houses you will more than likely want to hire a team that can handle some of the load allowing you to make offers on property.
An example of a team would be real estate agents that provide leads and handle the paperwork, a licensed contractor for some jobs that may require the professional, or a handyman that can do minor repairs.

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