Did you know that house flippers had an average of a 27% return on investment, or ROI, on properties in 2022? With the real estate market showing no signs of slowing down, flipping a house can be a great way to make money quickly.
Have you ever thought about real estate flipping? If the prospect seems intimidating, you do not have to worry. Read on to learn more about how to flip a home in Winston Salem, NC.
Choose the Right Property
When you start looking at houses for sale in Winston Salem, it is important to consider the home value and what you think you can sell it for. You should also factor in any closing costs and fees.
Make sure you know what major renovations the property will need. This way, you will be able to accurately estimate your final profit.
You should also consider the housing market for the city you want to invest in. For example, Winston Salem is one of the best cities for flipping homes, with annual real estate prices climbing continually.
Look at Financing Options
When flipping a house, the best method for buying the property is cash. Paying with cash means you won't have to apply for a loan or a home equity line of credit. You can also avoid interest that could eat into your final profit on the property.
However, cash is not always feasible for house flippers. Instead, you can take out another mortgage if you have already paid off your first property.
If you haven't paid off your mortgage, you can also consider a home equity line of credit. As a reminder, this method can only work if you have built equity into another home.
Establish a Timeline
In general, you should expect the flipping process to take around six months to one year. This is a guideline, and it all depends on how long the renovations take, as well as the housing market.
Once you determine every aspect of the home renovation, you can work with contractors and other professionals to make a timeline that works for all parties involved.
Make Sure to Turn a Profit
Is it your first time flipping a house? Then you should rely on an expert to help guide you through the process to ensure that you make money on your investment.
A property management company can help you with things like preparing an open house and making changes to boost the value when selling a home. They may also have connections to professionals within the industry, such as plumbers and contractors, who can provide reliable services.
Consider Real Estate Flipping Today
If you're interested in real estate flipping, there is no better time than now to get started. At PMI of the Triad, we are here to help you with all of your property management and real estate needs.
Ready to take the next step and start flipping a house? Contact us today to learn more about all things related to selling a home.