Florida, especially the Tampa Bay and St. Petersburg areas are ripe for house flipping. The housing crisis hit the area hard and left many homes needing special attention. If you’re new to the game of flipping houses to make a quick profit, the real estate agents at Realty Resources want to help you out. Not only can we help you find a property for sale, including foreclosed homes, we are here to help you with selling the house at the end of the process. Give us a call today to learn more about how we can help.
First, it’s important to understand what you need in order to begin flipping homes.
- Credit score. This is important whether you’re buying a home for several years or if you’re looking to make a quick turnaround. Lenders have tight requirements for home loans and an excellent credit score can get you there faster.
- Cash. This is helpful specifically for a down payment, but can also help to avoid paying private mortgage insurance on your second mortgage.
- Know the market. This is also a key point to the game. If you’re trying to sell a house and it takes months to find a buyer, you could lose a lot on your investment.
Second, you need to know what makes a good real estate investment in St. Petersburg
- Location. If you walk into any realtor’s office, the first thing they will tell you is to make sure it’s a great location. Obviously, you will want the house to be in an area where people want to live in. This may be a challenge, but it will be worth spending a little extra time finding the right location when you know it will be easier to sell. Look for an area that has new growth, a rise in employment, and a good school district. Families especially will want a home in a good school district.
- The Condition. Since the success of flipping a house depends on how quickly it can be renovated and sold, find a home for sale that has good bones to it. If you’re buying at a real estate auction, there may not be time for a home inspection, so try to build a team with someone who is knowledgeable about building, electric, and plumbing.
- What Needs to be Fixed. When walking through a house, make notes about what needs to be renovated. Quick fixes like paint, carpet, replacing doors, or kitchen flooring will be easier and less expensive to renovate than replacing the roof, rewiring electrical, or completely overhauling the kitchen.
- The Kitchen. The heart of any home, the kitchen will likely receive the most attention. Begin with renovating the kitchen and then look at bathroom fixes. Determining how much you need to spend on the kitchen in order to appeal to homebuyers will give you an idea of an overall budget.
This is just a glimpse and what it takes to flip a house, so if you’re thinking of taking on this venture, make sure you have a reliable real estate agent on your side in St. Petersburg. The realtors at Realty Resources can’t wait to help you get started.