4 Tips to Help You Turn a Profit Flipping Property in MA

Do you love real estate? Have you always wanted to learn about how to turn a profit flipping property in MA? We’ve put together some great tips to help get you on your way to making excellent profits by buying and selling properties in MA. 

The idea of flipping houses has grown over the past few years, partly due to reality TV shows and partly because more and more people have fallen in love with the idea of getting their hands dirty, doing the work and (if all goes well) turning a great profit.

Before you dive in head first, you should make sure you understand exactly what you are getting into.

Know The Market

The real estate market is an up and down ride. It is also changing from state to state around the U.S. The market you are in may be different from the market in another part of the country. Just because the news says its a buyers market in the U.S. doesn’t necessarily mean your market is.

  • Are prices on the rise or on the decline?
  • Are there new businesses, schools, hospitals etc…in the works?
  • What about the area will attract buyers?

If you buy a home in the area, does in make sense to hold and/or rent the property until prices rise even further. These are things that are imperative to know.

Know The Numbers

Do you know what an After Repair Value is?, also known as the ARV. This is the value of the home after repairs and upgrades have been done. When trying to flip a house or do a wholesale deal the ARV must be calculated correctly. You can get this value by working with a legitimate contractor so they can give you the amount of how much the repairs will cost. Knowing the repair cost is essential when trying to figure out the profit you will make.

You will also need to factor in the time it will take to complete the work and sell the house. While you are the owner, you will be the one responsible for the taxes, utilities, the mortgage (if you have one) in addition to the costs of materials, labor and so on. By factoring the mortgage and taxes month to month will give you a more accurate number of how much the total cost of flipping the house will be.

Know Who The Buyers Are

What is the demographics in the neighborhood? Are there families, retirees, outdoor lovers or students in the area? What will they be looking for in a home?

You will want to buy a home that that has features your leading demographic is looking for.

If you have young families buying in the area, focus on creating an open family room or finish the basement. If you have retirees, make the house easily accessible and the yard low-maintenance.

Price To Sell

Be realistic about what you can sell the home for. When you are calculating your ARV, don’t inflate the price to what you hope to get. When flipping a home, you want to sell it QUICKLY!

After doing your homework, you should know what homes are selling for in the neighborhood. Make sure you are listing your home at or slightly below these amounts.

Are you ready to turn a profit flipping property in MA?

If so, it is important to spend time thoroughly educating yourself and making sure you are aware of all market factors that will be involved.

If you are new to flipping and real estate investing make sure you work with a professional who can guide you through the process so you don’t end up losing a lot of money!

Layne Real Estate Investments, LLC can help you with your investment needs! Give us a call (508) 857-9990 or use this form to contact us today!

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