FLIPPING HOUSES 101 - Part 3 LOCATION LOCATION LOCATION Tuesday Sep 12th, 2017 Share Continuing from Part 2, we are going to look in futher detail at all the things you must consider before choosing to flip a house: Let's talk about the first point: LOCATION, LOCATION, LOCATION. You've heard it before, but location is all important!! Pick an area where your completed home/project will SELL! And sell fast when it's ready to go -- TIME IS MONEY! Look at established neighbourhoods where the history of sales is brisk. Some farmhouse out in God's country will take a longer time to sell no matter how nice you make it. Pick the worst house on a good street. The worst houses are the best candidates, sure that's obvious - but pick a good street. Bad neighbours will bring your house down in value, while your updated house will only bring theirs up. Similarly, nice neighbourhood homes will help bring YOUR value up. What I'm saying is, don't pick the worst house on a street full of bad houses. Do not pick the largest house. The largest home is already probably worth more. So with some renos, are you going to get the biggest return if the value is already higher than the neighbours? Look at comparables of SOLDS -- not current listings. Is there an upwards trend? Are renovated homes getting more than non-reno'd ones? Here's where an experienced realtor can help. I have access to sold statistics and can track the trends. I can pull up comparables of homes with and without renos to see if the reno'd ones sell for more and by how much. I will discuss more steps in detail in the next few blogs. Please stay tuned! Tags: real estate news, real estate investment, investment, flipping houses
