House Flipping - Where to Start
If you've watched any of the tv shows on a DIY network, you'll know that house flipping is becoming quite the trend. As well, if you start to look through houses in your neighborhood, you'll find homes that have been "flipped," maybe without the same drastic change as you'll see on TV but they major things have been updated, and it's selling for way more than it did before. Whether you are wanting to flip a house for personal use or start to make a career out of it, there are a few things you'll want to know and be aware of as you start this journey.
Start With A Good Real Estate Agent at the Lake of the Ozarks
The key to a successful flip is knowing which house is the best choice. While you can occasionally make these decisions on your own, there's nothing quite as good as having an amazing real estate agent on your side. When you walk through potential homes, it's more than just the overall appearance, although that plays a huge role as well, but it's about location, value, total cost, and did we say - location? The location is key, especially if you aren't planning on living in this home. You'll want something that will sell quickly because it's in an impeccable neighborhood. Our real estate agents are trained to not only use the statistics from their tool belt to help you deduct the best area, but they can then use their experience in home buying to help you see if you're getting a flip - or flop.
Where's Murphy
It's like a game of Where's Waldo, but this time, it's Where's Murphy. Murphy's Law states that anything that can go wrong, will go wrong. This is never more true than when mentioned about a house, especially a flip home. When you're looking for the perfect home to flip, you're generally looking for a few things, age, condition, and price. You want the age to be within the last 20 years, the condition of the home should be more dated than dilapi-dated, and the price to be low - as in really low. When you're looking for those three categories, you're bound to stumble on more than one home who throws a Murphy curve-ball at you!You Want to Come Out On Top
When everything is said and done, no matter what you're reasoning, you want to come out on top. When you figure in the price of the home, the cost of materials and labor to fix it, and the sale price, you want to be making money. If you can accomplish this - then yes, it is practical for you! There are many ways to get to this end goal, you can hire a contractor to make the renovations, you can make them yourself, you can even hire out on some of the projects. However, you get there, make sure that you're meeting your goals and expectations for the process.
Real Estate at the Lake of the Ozarks
Are you the next Chip & Joanna Gaines of the Lake? You will certainly find what you're looking for! The Lake area is an old community, starting back when Bagnell Dam was first built (in the 1920's!). Because of that, you'll find a range of homes certainly from the 1950's to now, and many haven't been updated since first being built. If you want to find a house at the Lake of the Ozarks, we would love to show you just the right home for you. Even if you don't want to flip, we have a fantastic list of homes that are move-in-ready for you and your family! Visit our website to learn more about your next home.
2011 REALTOR Salesperson of the Year
Missouri Association of Realtors
Gattermeir Davidson Real Estate, LLC
752 Bagnell Dam Blvd., Suite A
Lake Ozark, MO 65049
Office | 573.365.1555
Fax | 573.365.1766
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