Five Features of a Fantastic Flip

Now that you’ve bought a home of your own, you might be thinking that you’re kind of good at handywork and you want to give flipping a go. It’s certainly one way to make money in today’s somewhat volatile market, provided you know what to look for in an optimally flippable property. Of course, the house that flips best in downtown Newark probably won’t be the same one that flips amazingly in Dallas, but there are some general things you can look for in a fantastically flippable house.

Five Focal Features of a Flippable Find

Buying a flip should be a numbers game. You’re not buying your own place to make memories, you don’t have to live there, so the house that you have in mind for your first flip should be one that’s not needing too much repair work, but is seriously undervalued.

This happens frequently when an older person goes into a medical facility long-term or they pass away. It’s much more common for children that inherit a property to want to move it as quickly as they can, rather than fight over who gets to live in mom’s house. That’s why you’ll often see several promising properties in neighborhoods that are more than 30 years old — many of those owners bought when they were early to mid-career, all at the same time, and, well, time makes fools of us all.

Your ideal flip looks something like this:

It’s structurally sound. Unless you are absolutely stealing this property, there’s no substitution for structural soundness. You can’t flip a house that’s on a crumbling foundation. You can do a preliminary assessment yourself by carefully looking at the roofline. If it’s straight and sharp, the chances are good that the rest is, too, but don’t skip a professional structural inspection. If the roofline is wavy, the roof itself is cupped or it’s doing anything except being a good and proper roof, keep on looking.

The systems are solid. You can drop some serious money on updating or replacing electrical, HVAC, plumbing and roofing, so make sure that your flip has most of these in good, working order with long life expectancies. Your home inspector can give you an idea about how much time each should have remaining. Most flips can absorb one of these items, so don’t pass on a great deal just because it needs an electrical update — unless, of course, there are other big issues.

The house just doesn’t look like much. Even when the market is highly competitive, small changes can make all the difference. The plain little house tucked behind that bushy tree is not going to be on anybody’s short list, unless they’re looking to flip. Get a tree crew in there to groom or remove that monster, add some shutters in a contrasting color, dress up the landscaping with perennials and bam! Instant (almost) curb appeal.

There are a lot of memorable cosmetic items. If you look at a house and your brain keeps trying to sort out what it is that you’re seeing, you might be in a fantastically flippable property. Bright green carpet, fuschia backsplashes, mirrors on the bathroom walls? Nailed it! These are often the real gems, provided that the cosmetic stuff is what’s scaring buyers away. That cosmetic stuff is a serious turn-off for so many people who can’t see beyond the ugly to that potential house under the surface. Obviously, that homeowner cared about their place or they’d not have added so many personal touches, so chances are good that you’ll find most everything that costs a lot to be in good working order.

It’s a fine representative of the overall neighborhood. Ok, so the walnut paneling and the bright orange carpet have to go, but in terms of the architectural style, size, age and general upkeep, a good flip is the one that looks like it fits into the neighborhood. Not too big, not too small, not too weird. Especially not too weird.

Ready to Start Flipping Houses? You’re Gonna Need Some Pros…

Even the best flippers — especially the best flippers — have a team of experts at their disposal. Whether you’re acting as a general contractor or just directing the person who is, your main role is to pick out materials and coordinate the repairs to come. But don’t worry, you already have access to the best network of home pros in your area in your HomeKeepr community. Connect with the experts you need, any time, and make your first flip a total success.

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Marc Iafrate, MBA
Broker/Owner
Capital City Real Estate Group
powered by eXp Realty

(919) 390-7810 Office

About Capital City Real Estate Group, Inc.

Moving to North Carolina years ago was the best decision my family and I could have made. We were looking for a change from the cold Michigan winters and the volatile economic climate. The Triangle was the perfect choice with its mild winters, quality of life and diverse economic base. I have always held as my personal values and guiding principles: Professionalism, Integrity, Dependability and understand the meaning of perseverance! I began my real estate career in 1996 as a commercial investor. This led to a Director of Property Management position for multi-family and commercial property and now, residential real estate as the Broker/Owner of the Capital City Real Estate Group, Inc. - eXp Realty here in Raleigh. I put myself through the evening MBA program at the University of Michigan while working full time and raising a family. Prior to real estate, I earned a Master of Science in Engineering from U of M and currently hold 2 U.S. Design Patents and had a successful corporate career in the automotive industry. As a result of that experience, I've successfully been able to apply my problem solving ability to business. Community Involvement Wake Forest Downtown, Inc. Board of Directors Wakefield Rotary Club of Wake Forest, NC Board of Directors Rotary Club President-Elect Rotary Club Secretary position Paul Harris Fellow In addition to the Rotary Club, I support causes which strengthen our local community such as the YMCA - We Build People Program and Habitat for Humanity My wife's favorite charity benefiting children is The Angel Tree We participate in our church food and clothing drives to benefit our local community We also support the American Cancer Society, the Alzheimer's Association and the Humane Society Professional Associations North Carolina Real Estate Broker License South Carolina Real Estate Broker License National Association of Realtors (NAR) North Carolina Association of Realtors Raleigh Regional Association of Realtors Coastal Carolina Association of Realtors We are committed to delivering outstanding customer service! Marc Iafrate, MBA Broker/Owner Capital City Real Estate Group, Inc. powered by eXp Realty Raleigh, NC

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