House flipping is not for the faint of heart, but for those willing to do the hard work and deal with the stress, it can pay off substantially. Tip: Working with a good contractor and having a contractor you trust are KEY to the renovation timeline going smoothly. Spend time interviewing and choosing the best contractor you can find. A contractor falling behind 4-6 weeks can cost you a large amount of money!
FINDING PROPERTIES
The first step in making profit is knowing how to find the right properties. In The Flipping Blueprint: The Complete Plan for Flipping Houses and Creating Your Real Estate-Investing Business , Luke Weber shares what he calls “The Dirty Dozen.” These are the keywords he uses to search for fixer-upper properties. Giving this list to your Realtor® can help immensely with the success of your property search. When working with a Realtor® like me, I can set up an auto-search, and any time a listing comes up with any of these keywords, phrases, or acronyms, ll be able to send it to you right away. Here’s Weber’s list, in alphabetical order:
• BOM (back on market or bottom of market) • Damaged • Distressed • Do not enter • Fixer
• Fixer-upper • Handyman • Must sell
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