Buying, fixing, then selling properties is a lucrative venture, and the number of homes being flipped annually is on the rise. In fact, according to a report released by ATTOM Data Solutions, house flipping hit a 10-year high in 2016, noting that there were 193,000 flipped homes across the country. But identifying the right real estate investment requires you to find properties with features that appeal to buyers in the current market.
Here's what to look for during your search for the perfect investment property to fix and flip:
House flipping, generally defined as selling property in an arms length transaction a second time within a 12-month period, is increasing all across the country, according to Realty Trac, the information center that keeps its focus on real estate trends. During the first quarter of 2016, 6.6 percent of all sales nationally were considered flips, and the average gross profit from those flips reached a 10-year high.
When it comes to Virginia, it seems that the state isn't just for lovers - it's a good place for flippers, too. Here are some of the cities that are most conducive to fix and flip success...
You're days away from closing your deal, and you receive an ALTA statement from the settlement company with A LOT of numbers on it. And where has the old HUD -1 form gone? Here's how to make sense of the new ALTA....
You've gotten an offer on your fix and flip, and the buyer has ordered a home inspection. What happens next? Sometimes you'll sail through an inspection and the deal will close quickly. But what is the best course of action if an inspection report contains unexpected, expensive or (in your judgment) unnecessary items that need to be addressed before you can proceed to the closing table?
Foreclosures can be a gold mine for fix and flippers looking to "buy low". The good: often priced well below market, in desirable locations, and in desperate need of rehab, they are just what flippers are looking for. The bad: they are not such a big secret anymore, and there is a lot of competition to get them. The ugly: often the properties themselves are in pretty bad shape, and many will not allow inspections so they can be risky. But there are still great deals to be had if you know where and how to look for them. Read on to find out about the different types of foreclosed properties and how to find them!
Property flipping gets a lot of airtime these days, with lots of HGTV shows and flipping couples who have even become celebrities. Buying and holding isn't quite as sexy, but has many benefits. Which real estate investment strategy should you try? Or a little bit of both? Read on for a quick list of the pros and cons of each ...
After the months of sweat equity and money poured into rehabilitating an old property, you undoubtedly want a quick financial return on your real estate investment. Now that you’ve crossed the construction and renovation finish line, you may feel a bit guarded about spending extra cash on commission fees and are considering listing the property yourself. These short-term savings can have long-term negative ramifications. Hiring a top-notch real estate agent can streamline the selling process and ensure you receive top dollar for your fix and flip by getting your property in front of the most qualified buyers - quickly and efficiently.
Here are a few pretty compelling reasons to hire a real estate professional versus going it alone when selling your property:
Millennials are finally buying homes, Baby Boomers are downsizing, and Gen-Xers are upsizing. Now add to the mix a national housing shortage and population shifts. What does all this mean for housing markets in Washington DC Metro and the country?
To many, March Madness means basketball. In real estate, March Madness is the mad scramble for sellers to put their houses on the market and for buyers to come out in force to start their search. But what does the data say? Is Spring really the best time to list your house so it sells quickly and for top dollar?
Beige is officially "out"! Eclectic, sustainable and "personal" are the watchwords for 2017 and beyond. Smart technology will be pervasive, not only for home security, but also in the kitchen and throughout the home. From space utilization to home furnishings, rules for the coming year seem sure to herald a fresh breeze across the home scene. The savvy real estate investor will want to capitalize on these emerging trends when planning their renovation project. Let's take a look at what this year has in store: