Thinking about flipping your first home? While it certainly can be a great investment if you do it right, if you do it wrong, it can be an extremely costly mistake—from a time, energy, and financial perspective.
A recent article from Realtor.com outlined the crucial questions you need to ask yourself before you flip your first home, including:
Do I have the right team in place? Like the old saying goes, buying and flipping homes “takes a village.” If you want to do things the right way—especially if it’s your first flip—you’ll need the right team to support you through the process, including a real estate agent and a general contractor.
How long will the flip take? The faster the flip, the lower you can keep certain costs (like taxes and interest). Remember, it can take awhile to sell the home once you’ve made your renovations, so aim for a renovation timeline of between four and six weeks.
What are my loan options? Unless you have cash in hand to buy your property, you’re going to need to get a loan to cover the cost of purchasing and renovating your flip. It’s important to understand the different loan options available—and the pros and cons of each—to ensure you’re choosing the option that makes the most financial sense for your particular situation.
Flipping your first home can be a fun, lucrative experience. Just make sure you do your homework and ask the right questions before you get started!
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