What is the best way to dip your toe in the water of house-flipping? If you are considering flipping a house, make sure to do your research before before you start looking at properties. Learn what you should look for in a house and what you should try to avoid, and evaluate your/your team’s set of renovation skills. All this will factor into the kind of house you end up fixing up. Guardian Self Storage’s beginners guide can teach you how to find houses to flip and jumpstart your project!
There are even circumstances outside of the property that will play into both the house’s initial value and its flipped value. The kind of neighborhood your house is in will dictate the kind of buyers you are attracting. So get to know the neighborhood before buying so you can ensure your potential buyer has the different elements that they are looking for in a neighborhood. If you are hoping to flip a large house to a family, you will want to check out the school district and local crime rates. Something closer to a downtown scene might work better if you hope to flip something small to young professionals or couples. Think of public transportation access, proximity to grocery stores, and parks as well when comparing neighborhoods.
Start your research with New Silver Lending’s state-by-state guide to house flipping to find cost-of-living and other statistics about your state.
When searching for a house to flip, you need to be able to see potential in rough properties. That means you will need to search high and low for your gem. We recommend beginning your house-flipping journey with a professional. Connect with a real estate agent who specializes in house flipping so you can learn information from them about your area and the real estate industry. Also keep your eye on local auctions, as you might find possibilities in foreclosures.
An easy way to look through and compare dozens of properties quickly is using online real estate marketplaces. Zillow is a well-known example and for good reason. You can search for properties and use its resources to boost your knowledge. The Home Sellers Guide and Foreclosure Center are two helpful tools for house flippers.
We talked about seeing the potential in houses, but what should you keep an eye out to avoid? When you are flipping houses, a large battle will be maintaining your budget and balancing it between your initial home purchase and the renovations. If you see these issues, we recommend staying away (due to budget and/or experience necessary for renovations):
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Hopefully now you have good idea of what to expect when you begin your search. Once you find a house to flip, let Guardian Self Storage support your renovations. With indoor and temperature-controlled storage units available, we have plenty of space to hold furniture, equipment, and materials until you need it. Find your self storage in Chamblee, GA, online with us!
About the Author: Katie Mest is an SEO Specialist at Storage Asset Management in York, PA. She specializes in writing about the self storage industry, including storage tips and helpful resources. Outside of work, Katie enjoys camping, hiking, and exploring the outdoors with her newly adopted Greyhound rescue, Titan.