What exactly is House Flipping
House Flipping is a type of a real estate investment where a real estate buyer purchases a house and then sells it for profit. Investors involved in house flipping often find older and run down properties, then, they quickly remodel them to make them move in ready, and sell them for a profit.
House Flipping Tips
- Do a community real estate market research
- Find a realtor that will help you find pocket listings of off the market properties
- Find a foreclosure listing
- Do not overpay for your fixer upper
- Get a reliable and fast contractor
- Put a buffer on your budget
- Move quickly, time is money
Usually house filling period takes anywhere from 6 months to a year. The time frame in a great measure depends on how fast the remodel process is going and if there are any foreseen complications. Oftentimes,the investors try to find homes with “good bones”, meaning houses with a good structure, where most walls may remain in tact and often only minor plumbing and electrical work is required. Usually a buyer will perform a detailed inspection to get a good idea and an estimate of how much work will be needed to turn around and sell the home as quickly as possible, for a good price.
With the real estate market staying strong in 2022, there are great opportunities to make good profit “flipping houses”.
Here are some examples of recent house flips in San Fernando Valley.
23262 Ostronic Dr, Woodland Hills, CA 91367