In today’s hot real estate market, you may be tempted to try house flipping. That’s the practice of buying a home in need of repair, renovating it, then selling it for a profit.
You may have dreams of an exorbitant profit, considering that today’s buyers are often paying higher prices due to limited housing availability. While making some quick money is possible, it’s essential to know the pitfalls. This article from The Balance offers good food for thought. Their tips for flipping success include understanding construction and knowing the local real estate market. Pitfalls include the risk of unexpected expenses, tax issues, carrying expenses and stress. If you can handle all of that, then you could enjoy a source of income and personal pride through flipping. Read the full article here.
If you’re looking for a renovation opportunity, talk to the Vanguard Realty Associates team. We’ll help you make sure your flip isn’t a flop.