This is not a radio ad either. As a real estate agent, I can’t make this up (legally).
I often talk to people about their desire to get into flipping… particularly after they’ve watched a few HGTV shows.
It’s actually a pretty good idea as long as you have the right tools and the right property. I use a “flip analyzer” that I created as well as www.mypropertyinfo.ca to verify before and after probabilities. I have worked with a number of flips and my last one netted $13.5K profit for my client after from start to sold in 46 days.
- Financing – This is by far the most critical component when considering a property flip. There are a variety of options that can be perfect for first-timers and some options for seasoned flippers that can reduce risk and save you tons of money. There are private lenders who focus on flipping almost exclusively and they require low down payments and can even finance the renovation itself… higher fees, but if you do it right, they are far less expensive than a typical banks mortgage break penalties. You may also be able to use an LOC to do the whole thing which opens up the door to foreclosures and grow-op remediation’s (BIG $$$). Every circumstance is different and requires the right solution for your goals (short-term or long-term). There is almost ALWAYS an answer.
- ANALYZE THE FLIP – I just sat down with some clients yesterday and I showed them how a property that appears to be a “good deal” doesn’t get the return because of things like competition, location, poor quality renos as well as a variety of other things. I use a FLIP ANALYZER tool that will show you the before and after… including ALL costs and the potential ROI.
- KNOW YOUR MARKET – There are 3 neighborhoods in Calgary that are dynamite for flips right now but there are some properties that you just can’t deny when they come up (3 bedroom duplexes!!) www.mypropertyinfo.ca is an incredible tool for verifying not only the values before and potentially after, but it also tells you the MARKET TRENDS for the neighbourhood and when the BEST TIME is to do buy AND sell.
If you can finance $100K you can make ~$15K back in 60 days. No guarantees on this because I don’t want to get sued 🙂 Call me, let’s put a plan together and MAKE SOME MONEY!