Today, I want to continue chatting about the idea of flipping a real estate unit and making that money work for you. Real estate comps give you the insight to what is a profitable price to buy a property. Just wanted to share a few more tips on making a flip work for your business.
3. Don’t buy sight unseen – Sometimes a deal can sound like a sure winner before you even see it. Either you, or someone you trust, needs to walk the property prior to purchase. Don’t be tempted to shell out large sums of cash on property you have not seen in person.
4. Know how to pace yourself – Don’t over tax your finances by taking in too much property at once. The quickest way to burn a bankroll is have all your money going out the door on purchases with none coming back in on rent or sales.
Flipping real estate can be one of the fastest ways to wealth in real estate investing. If you are considering using this strategy, make sure you have a solid business plan. InvestorComps is always an avenue to help you reach your goals.