Are You Prepared to Flip a House in San Antonio?
It’s the dream of many a new San Antonio home buyer: purchase a fixer-upper, remake it from the floors up, and sell it for a pretty profit. But the decision to flip a house can be a risky one.
Here’s how you can know whether you’re prepared for the responsibility of flipping a house.
You Have Extensive Construction Experience and/or Connections
Now may not be the best time to start Googling “DIY drywall!” You need to have a solid plan to successfully flip a house. This means you have to know exactly what projects need to be done, by whom, and by when. Without any experience in this, you’ll just be left with a massive debt on your hands that you never pay off.
You Are Prepared for a Full-Time Job
Just like building a house from the ground up, you have to be committed to working. This is especially true if you do plan on doing some of the work yourself, but it also applies when you contract out all the tasks. You must have the time to oversee the project and ensure all the legal obligations are met.
You Know the Property Market Extremely Well
There is another way to flip a house. Some seasoned property investors purchase properties and hold them for a few months until the price goes up and then sell them for a profit without lifting a hammer. This strategy is risky and depends on extensive experience in predicting property prices.
Whether you’re looking for a house to rent, flip, or live in or are just curious about property investment, call our agents at Jadestone Real Estate for advice.
Posted on Behalf of Jadestone Real Estate