Anna's Blog

I’d like to start off by saying hello to my most avid blog reader – hi mom!

And now on to this week’s topic – house flipping! I found myself watching “Flip This House” on the A&E channel this weekend which is a show I thoroughly enjoy. It depicts folks across the US who buy challenged properties, fix them up and then re-sell them or “flip” them for (hopefully!) a decent profit and the drama that ensues when you tear apart a house. It can be a risky business if you don’t know what you are doing, or it can be a rewarding business – both financially and professionally -- if you do!

The key is to find the right property in the right neighborhood – one that has enough challenges that your renovation will support an increase in value to generate a profit, but not so many challenges that you spend more of your budget than you intended in the first place. Here are a few of my recommendations to you flippers out there:

1. Get an inspection before you buy

2. Know the latest sold home statistics in the neighborhood and make sure your new and improved price is within the parameters of the neighborhood

3. Know your renovation costs before you buy

4. Try to do as much of the work yourself as you can to save on labor costs

5. Renovate quickly to reduce your holding costs!