Friday, August 17, 2007
Flipping Houses: TV versus Reality
One reason why home improvement shows are so popular on TV is that the folks on the shows make it look so easy. But what the TV shows don't show you is all of the planning and organizing that's done way before the first hammer is swung that make a successful flip.
For every profitable flip you see on TV there are a hundred that didn't work out. I can point to several houses on the market right now in our area that started out as flip houses, but are now incomplete projects.
Just wanting to be successful is no guarantee. And working hard doesn't always make up for mistakes. The most important part of flipping houses is knowing what the finished home will sell for, regardless of how fancy you remodel the house.
This is very important to understand: Blair County is not Southern California or Phoenix or Miami. A 3 bedroom 1 bath house in good condition in a $60,000 neighborhood will sell for $60,000. Period. That same house with granite countertops, a jetted tub, custom made cabinets, and new turf in the yard will still sell for $60,000.
There's good money in flipping houses around here (I know this personally). Use a realtor to give you good advice on what to pay for the house, what buyers would like to see in the house, and what a reasonable selling price would be. Then do the math: get good estimates on the work and see if there's any profit in the house.
Better yet, call me if you want to give it a try!
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For every profitable flip you see on TV there are a hundred that didn't work out. I can point to several houses on the market right now in our area that started out as flip houses, but are now incomplete projects.
Just wanting to be successful is no guarantee. And working hard doesn't always make up for mistakes. The most important part of flipping houses is knowing what the finished home will sell for, regardless of how fancy you remodel the house.
This is very important to understand: Blair County is not Southern California or Phoenix or Miami. A 3 bedroom 1 bath house in good condition in a $60,000 neighborhood will sell for $60,000. Period. That same house with granite countertops, a jetted tub, custom made cabinets, and new turf in the yard will still sell for $60,000.
There's good money in flipping houses around here (I know this personally). Use a realtor to give you good advice on what to pay for the house, what buyers would like to see in the house, and what a reasonable selling price would be. Then do the math: get good estimates on the work and see if there's any profit in the house.
Better yet, call me if you want to give it a try!
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