Flipping Property: Familiarize Yourself with These Big Three

Flipping property is very easy. It is as easy as cooking your favorite dish. You don’t even have to follow a recipe guide because you already know it by heart.

It is good that you have a firm grasp of what you’re doing. However, once you’re too complacent, you tend to disregard everything else. You only focus on one thing and that’s making fast money as far as wholesaling houses is concern. You follow the three basic steps: finding the property, making a contract, selling the contract to an end buyer. It is as easy as that. You jump into every wholesale deal with this in mind, the three basic steps.

Don’t be so sure. Flipping property needs a 360 degree look around to enhance its profitability and certainty. These big three can improve the way you see wholesaling. It takes more than just three basic steps. There are vital things that come along and in between each step.

Location

Location is the area of your concentration. When you’re flipping property, it is better if you’re going to choose a specific area where you want to have your investments. A community, a neighborhood, a State, it’s your call. The advantage of having a niche, you can familiarize yourself more with the:

  • Tax rules being implemented in the area
  • Prospect buyers
  • Common house features in the neighborhood
  • Housing market status

When you’re wholesaling houses, the pieces of information stated above are very important.

Home Buyers’ Preferences

Don’t just offer a house to a couple or a student without knowing their house preferences. You would end up wasting your time and effort. Why is this a very important piece of information? Because it makes it easier for you to close the deal by avoiding unnecessary actions. Knowing the number of rooms and baths for instance, helps you narrow down the properties you might want to offer to a couple. If it’s a family, for sure they want a house with three or four bedrooms. Don’t base on your gut-feel. Ask.

House Features

Include house features that you think can help in advertising the property. You need a good marketing strategy when flipping property. Put them in your posting, fliers, and website if you have any. As much as possible, include photos. This is a way to entice buyers and at the same time, explore homebuyers’ preferences right? Buyers who would care to take a look at your property perhaps saw the thing they want to have in a house.

These three things can improve your house wholesaling business. For more tips on property flipping, visit RehabList.com today.

 

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