Flipping A House For Profit: What Potential Investors Need To Know With Nikolaos Debeyiotis
House flipping is a hot trend, and many people are trying to snag cheap real estate with hopes of eventually selling it for profit. Here, house flipper Nikolaos Debeyiotis shares what you need to know to decide whether house flipping is the right investment for you.
What Is House Flipping?
It’s simple: house flipping involves purchasing a property, making renovations and improvements, then selling the property for a price higher than the total cost of the purchase price and renovations.
There are many factors to consider when deciding whether flipping a house is the right fit for you, according to Nikolaos Debeyiotis. It’s smart to have the capital set aside for the initial investment in the home. While you can live in the home you’re flipping, it’s a better idea to maintain a separate residence while you’re putting in the work on your project home. You’ll also want to consider whether you’re able to do the work to improve the home yourself, or if you’ll need to hire professionals to help. The more work that you can do yourself, the more profit you’ll be able to make after your renovations are complete.
How Much Time Does It Take To Flip A House?
The amount of time that it takes to flip a house depends on a few factors, including the amount of profit you’re looking to make from the flip, how much handyman know-how you and your fellow investors have, and the real estate market conditions in your area.
The more profit you want to make from the flip, the longer it’s going to take to complete renovations that get you the value you want. If you’re handy and able to do much of the work quickly and on your own, you’ll likely complete renovations faster (and more cost-effectively) than if you need to outsource the work. It’s also kept to keep an eye on real estate conditions before you buy—if you’re choosing to flip a home in an area where the real estate market is hot, you’ll have an easier time selling your renovated house for a high profit, according to Nikolaos Debeyiotis.
Make Smart Renovations
It’s important to think through what your target market is looking for in a flipped house. If you’re in an area bubbling with young professionals, a state-of-the-art kitchen might be a good fit to boost your home’s appeal. In an area loaded with families with young children, it may make more sense to update the yard, put in a fence, and refinish the basement into a potential playroom. Talk with people in your area about the features they love most about their own homes (or the features they wish they could add) to learn more about what types of upgrades will help your home appeal to local buyers.