How much profit do you want to make on the property?
Will it take 1 month to flip it? Will it take you 8 months?
Identify the timeframe and the amount of work to return the profit you anticipate.
Don’t make the mistake of paying too much for the home. The appraised value, what the seller paid etc may be helpful information to know but ulitimately, the amount the house is worth is still only determined by what someone will be willing to pay in this market and how long are houses taking to sell?
Conduct a thorough inspection and get a detailed idea about the cost of all the repairs. How ever much you think that is, add more to that budget to allow for unexpected repairs that are not identified at time of inspection.
Remember to consider other costs involved, marketing the property, taxes and lean payments while it is being rehabbed and marketed for sale.
What do you need to make on this property? Listen to the short audio to hear all the things that you should consider before making a rehab purchase.
No Comments
Start the ball rolling by posting a comment on this article!
