Have you always wanted to get started flipping houses? We have put these 4 tips to flip a house in Chicago the fast and easy way!
Flipping properties can be an excellent way to see big profits. But before you dive right in, there are a few things you need to know that they don’t show you on TV.
If you are ready to make money flipping Chicago houses, check out our 4 Tips to help you get started.
Get Your Team Together
When going to flip a Chicago property, you shouldn’t go at it alone. Build a team of experts you can count on for help taking care of all the details. Build relationships with multiple agents and private money lenders.
Find contractors and designers you enjoy working with.
And make sure you are working with a CPA who can help you keep it all together. After all, your goal with this is to make money.
Know How and Where to Find Undervalued Property
The most common misconception about flipping properties is that you have to be an expert in construction to be successful. However, the truth is that in order to be a successful house flipper you have to be an expert at finding undervalued property.
Real estate investment is a very competitive business so often times new comers will find out how difficult it is to find good properties to purchase. Of course, there are a variety of ways to find different flipping opportunities but you’ll have to have a very refined and focused acquisitions strategy to consistently make good purchases.
Know Your Buyer Before They Walk in The Door
Now that we have covered the foundation of what is takes to be a successful house flipper (be a great deal finder) it is time to discuss the next critical part of the process which is maximizing the value of the property.
You’ll need to research the different exit options you have their corresponding values and returns. Be sure to consider who your end buyer will be and build your redevelopment strategy around the needs of your potential buyer. The fixes and improvements you make should be made especially with them in mind.
When flipping a home, your greatest enemy is time. In order to see the best profits, your mission is to resell the home as fast as humanly possible. The less time you are holding on to borrowed money, the less interest you will have to pay on it.
Add this to the costs of utilities, insurance, taxes and the prices you paid for repairs and cleaning, and you can watch profits vanish right before your eyes.
You should always strive to do a great job upgrading and repairing the home, but make sure you are working with the right people so you can get the job done quickly.