Is Considering Foreclosure a Good Idea? via @homebidz

What to Know Before You Flip a House

Click Here to Browse Homes

So you're thinking of buying a home to flip it and hopefully sell it for a profit. Before you do, there are a few things that you should know. Flipping a home is not easy and a good majority of the time, you end up spending too much on the buy and renovations to make a profit that makes it worth it. With the rise of many HGTV shows like "fixer upper", so many individuals have decided that they have what it takes to be a home flipper. That's great, but really weigh all of the pro's and con's here before you buy the home. 

The first thing you seriously need to consider is the price of the home you are buying. Believe it or not, this is where you make your profit, not on the renovations. Make sure that you are getting a good deal on the home you are buying, and consider the renovation budget. Before you buy the home. be sure to get an inspector to look at it so you can get a better idea of the renovations necessary and the money that will go into that so you can consider everything before buying. 

Always, always, always set your budget higher than expected because things go wrong, prices rise and fall, and there will always be unexpected expenses in renovating a home. Furthermore, unless you are a training professional, do not do all of the repairs and renovations yourself, odds are you will still have to end up having someone come out to fix something.  You want to ideally aim for 30% ARV or After repair value. You want to make a 30% profit when it is all said and done. 

In order to do that, you need to know your market, sell the house 1-2% below market value, and do not get greedy. Just because you designed that house from top to bottom and it is your pride and joy does not mean it is of that value to the market or any buyers. Remember to be realistic and keep your buyer in mind during every step of the process.

Click Here to Browse Homes

Latest Posts

The Art of Changing Realtors When You Need to via @homebidz

The Art of Changing Realtors When You Need to

First Time Home Buyers Click Here Finding a realtor can be kind of like dating. There are a ton of them, each with their own set of pros and cons, different areas of expertise, etc. So, when you start forming a...
Loans, Fees, and the Real Cost of Owning Your Home via @homebidz

Loans, Fees, and the Real Cost of Owning Your Home

Need a Home Loan? We know this may come as a shock, but that home that’s for sale for $350,000 will actually end up costing about $575,000 over time. How? Between the interest rates, insurance, property tax, and...
Rent to Own vs. Traditional Mortgages via @homebidz

Rent to Own vs. Traditional Mortgages

Need an FHA Loan? It’s no secret that most people seek out rent-to-own home options over traditional mortgages because of credit issues: either their credit is fair or poor or simply just unestablished. Depending...
Why Does My Credit Matter? via @homebidz

Why Does My Credit Matter?

Click Here to Look at Bad Credit Home Loans Honestly, if you have less than perfect credit, you can still potentially buy under a rent to own option, but you still have to get financing at some point, so you'll need to...
Taking the First Step on Your Rent to Own Journey via @homebidz

Taking the First Step on Your Rent to Own Journey

Looking for Rent to Own? When considering a rent to own journey, there certainly are a couple different choices. Each requires the rental property itself, two authorized documents, and then -- sometimes -- an...
Simple Ways to Save for Your Down Payment via @homebidz

Simple Ways to Save for Your Down Payment

Need Family Support? There are a lot of different ways to purchase a home. You can get creative and try owner-financing, or even buying a home at an auction. For the majority of us though, we’re still using banks and...