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
With the number of foreclosures dropping and more people seeing the value in purchasing homes owned by the bank, the ability to find great deals has become more difficult than it once was.
Nowadays, you have to do a little digging in order to find that diamond in the rough. Working with realtors you like and trust is a great way to find homes with owners ready to sell fast, or homes being sold in need of some major repairs.
Finding these sorts of homes at a great price is what every savvy house flipper is looking for.
Know Your Buyer Before They Walk in The Door
Before buying any property, you need to do your homework regarding the area. Is it popular with retirees? Families? First time home buyers?
The fixes and improvements you make should be made especially with them in mind.
An older couple might focus on accessibility, whereas a large family might want a mudroom and an additional bathroom.
Think about the things that will “wow” your likely buyers and add those features that make the buyer feel as if the home was designed 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.