-Five Must Knows Before Your First Flip-

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<h1>-Five Must Knows Before Your First Flip-</h1><strong> Author: <a href='http://www.articleseen.com/profile_Joe Abbascia.aspx'>Joe Abbascia</a></strong><br /><p>Your first property flip can certainly be an exciting time. It can also be a stressful time. There is so much that you must do and decide. It can be overwhelming; especially when you consider how much is riding on that flip. If you do not do things right, you could lose a great deal of time and money. If you are not careful, you may not even be able to sell the finished flip for what you purchased it for, including all the renovation costs. The good news is that there is plenty of information out there that can help you. Before you get started on your first flip, there are some things you will need to know. Here are five things you have to know and consider before you ever even purchase a home for your first flip. 1. Making the Right Offer is Vital When you find a home that you think you will want to purchase, you have to make the right offer. Many people do not realize it, but every bit of potential profit from your flip will come from how much you pay for it in the beginning. If you pay too much for your home, then you could eat up any potential profit you could get from selling it. 2. The Home Inspection You may look at the home you are thinking about buying and you may think you have a pretty good idea of how much work it will need. There also could be numerous issues in that home that would warrant an inspection. For example, you could have a cracked foundation, mold in the walls, or a bad roof. Making the right purchase offer that allows enough for your rehab budget, contingencies for the unexpected and a profit will allow you to make an offer without a home inspection. This will usually get the deal closed faster. Should you not feel comfortable with that at first, by all means, have a home inspection. 3. Make Use of Contractors Many people get excited with their first flip and they think that they will be doing all the work themselves. There are a few problems with this. Unless you are a home repair specialist, you can get overwhelmed in a hurry, not to mention the quality of your finish work! Just because it looks easy to install a countertop or lay carpet does not mean it is that easy. If you try to do the work yourself, you could find yourself having to call in a professional later and spending more money. By choosing contractors in the beginning, you can avoid this. 4. Set a Realistic Timeframe and Stick to It That first flip can be hectic from the very beginning and you may find it hard to set up a timeframe. The most important thing to remember is that it will always take longer than you expect to flip that house. You will need to do some research and talk to your contractors in order to determine a realistic timeframe and then don’t be afraid to add several weeks to it. Don’t get enamored by all the flipping shows on TV that focus on setting unrealistic timeframes for the drama of television! This is your first flip, enjoy and learn from the experience! 5. Know How Much to Sell For Many people see dollar signs when they get ready to sell their flipped home. However, if you price it too high, you could find yourself sitting on the property for a very long time. If you want to make a profit, you have to price it right to sell the house quickly. This way, you can avoid making any extra mortgage payments that just eat away at your profit. To do this, you will need to get a good idea of what homes in the area are selling for and then set your asking price slightly lower. This is the best way to sell quickly. Remember, this is a business, take the personal emotions out of the sale, price it right for the market, not what you think it should sell for, make your profit and move on. If you keep these five things in mind, you will be able to successfully complete your first flip so that you can get started on the road to a profitable business. </p><strong>About the Author:</strong><br />Joe Abbascia is an expert property investor providing vital knowledge on how to buy properties wholesale, about flipping homes successfully and more. You can learn more by visiting PropertiesCentralWholesaleDeals.com. <p> Article Source: <a href='http://www.articleseen.com/Article_-Five-Must-Knows-Before-Your-First-Flip-_100622.aspx'> http://www.articleseen.com/Article_-Five Must Knows Before Your First Flip-_100622.aspx</a></p>

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Keywords : home flipper, house flipper, flipping homes, foreclosure, finance, financing, Worcester, Massachusetts, Mass, loans, hard mon,

Category : Finance : Real Estate