For you to maximize your profit when doing house flip, you have to make sure you find a good house to flip. Stay away from houses that warrant extensive repair or else you will go over your budget, which is not really a good thing. You surely don’t want to end up break even. In this article, we will tackle the house flipping warning signs to watch out for. They are the following:
• Damaged roof – Pay attention to the roofing and make sure that it is not damaged, or else it could be a deal-breaker. Do not hesitate to ask the seller how old the roof is. You have to thoroughly check the gutter and watch out for dry rot. Inspect the shingles for crack or missing pieces. The roof needs renovation if any of the issues mentioned above are present. Roof is difficult to repair and could eat a huge portion of your budget.
• Faulty plumbing system - Plumbing is an integral component of every house. Inspect the house, particularly the faucet in the kitchen and bathroom. Check the drain and the flush of the toilet to make sure that everything is functioning smoothly. Aside from that, you have to watch out for water stains and sagging floors. These are indicators that something is wrong in the plumbing system. Go over your budget and decide whether or not you have extra money for plumbing repair.
• Faulty/Outdated electrical system – Problems concerning electrical system shouldn’t be taken for granted. They could lead to fire and other catastrophic events. If the home is dilapidated or quite old, expect an outdated electrical system. There is also a possibility of bad electrical wiring. If the electrical system needs major repair, then you have to check your flipping budget. Problems concerning the electrical system can be very costly to repair. Sometimes, it is better to walk away and find another property rather than spending too much on repair and renovation.
Real Estate Deal Analyzer
It's important to plan ahead before any house flip. This real estate deal analyzer can budget and forecast your next project to make sure you profit off of your real estate investment.
Scott Yancey’s TV show, Flipping Vegas
If you are fond of watching reality TV shows, then you will surely love Scott Yancey’s Flipping Vegas. It is a show that features properties in Las Vegas, make them the subject of house flipping, and eventually selling them for profit. It is hosted by Scott Yancey, one of the most successful real estate investors in America. Watch the show to get a lot of house flipping inputs.