This home needs a big heap of TLC but it sits in a nice neighborhood where homes are priced at $200,000-$250,000. This home is an investor special and a nice home to flip. Here are some tips offerd by Dave Ramsey on how to be successful when flipping houses.
- Pay Cash - the cost of interest on most homes will make it difficult to make a profit.
- Know the Market - Find a Real Estate Agent with years of experience in your area. Your agent will help you target your home search to the right neighborhoods and make sure that you don't over-pay.
- Make a Budget for Your House Flip - Know your price range for purchaing a home, making any repairs, completing renovation projects, and paying selling costs before you seal the deal.
- Invest in Smart Renovations - You might have to pass on making the home a showcase and focus on things like fresh paint, updated hardware and new landscaping.
- An experienced agent is your most valuable tool. The agnet can help you see what most area homes include (maybe granite is not an option), tell you what your end price will be and help you make a spreadsheet with all your costs so you know how much profit there is in the home you wish to flip.