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One of the most common reasons that newcomers are scared away from the idea of house flipping is the risk.Many people believe the old saying “the bigger the risk the bigger the reward” is the be-all and end-all of real estate.
To eliminate this unpredictability, you should do the proper research and get rid of as many variables as possible.
If you fail to do this, you will be at risk of sinking your venture.
For most regular folk, especially beginners in house flipping, risk is a dangerous word, that could mean the loss of your life’s savings, or falling into a deep pit of debt. Instead, lay out a house flipping business plan, outlining your risk-free strategy.
Leave the risk to the hedge funds and the wealthy that can afford to take a loss on a property.
As a real estate investor, one of the most important pieces of information before you buy is the ARV of the property.
As you probably already know, the ARV, or “after repair value” is the approximate amount of money that the house will be worth after it is renovated.The rule of thumb is that you should almost never purchase a home for more than 70% of the ARV.If you do, there’s a good chance that you won’t profit.A lot of factors go into determining the ARV of a home, like the neighborhood, the town and the size of the property.A beginner’s mistake is to simply see what other homes in the neighborhood have sold for recently. A report from ATTOM Data Solutions found that the home flipping rate hit a six-year high in the first quarter of 2018, as a total of 48,457 single family homes and condos were flipped.However, as we approach the New Year, real estate investors wonder if starting a house flipping business is still a good investment choice.You can solve for issues that you would likely encounter down the road or avoid them altogether.to run your newly formed house flipping business plan past an experienced fix and flip veteran for feedback and additional tips on how to get funding, secure a property, cost-effectively rehab and sell.My team and I are working to restore communities – one house at a time.for it, but they never follow through and do the work.