Flipping a unit is defined as purchasing a property (using real estate comps), adding some value by renovations, and then reselling in a short space of time (3 months or less). If done right, property flipping can have excellent profit margins.
Flipping single unit properties like houses and sometimes townhouses tend to be the more profitable type of home to flip. Houses stand a better chance of increasing in value due to the fact that you can do so much more to a house versus an apartment or unit.
To best succeed at flipping property, you need to find real estate that you know you can add a great deal of value to with the least amount of budget. How does one accomplish this? By making sure that you don’t pay too much for a property. The homeowner or seller will want to get as much as they can from the deal. It’s in your benefit to make it a win-win.
I have a couple of posts to share with you regarding your end profit and making it a satisfying as possible. Learn what it takes to make your mark in real estate investing.