I’m thinking about buying a house and flipping it. What are the biggest pitfalls. @BelindaSmith
So many people are excited with the prospect of flipping homes atm, fueled by television shows and property growth over the last few years where some amazing results were seen.
However, applying the same renovating/flipping strategies that worked then, to today’s market 2019, is fraught with risk and I see that as the biggest pitfall right now.
Timing is super important and knowing exactly how to maximise the profit of each opportunity is key. Other pitfalls are taking too long to renovate, making emotional decisions, picking the wrong property, and overcapitalizing. Good luck
Interesting comments, thanks @BelindaSmith just out of my own curiosity, what are some of the biggest trends in the flipping space at the moment? I really love the industrial flips with high ceilings and large barn style sliding doors!
Yes 2019 is going to be interesting. Do you have any tips for 2019?
Warehouse conversions/industrial…That’s right in the pocket of the younger demographic. Very popular. Time is of the essence right now and further into 2019 - buying, renovating and selling in the same market. Fast turnovers. Also, I also like any homes that can be renovated and also have a 2nd value add opportunity (like a subdivision) because it provides a profit buffer if the market slows.
Hi Julie. Thanks. I will always check with you first. I don’t want to ‘spam’ your page.
If it helps people make better decisions then please feel free. Julie O’Donohue