Starter In Flipping
Hey guys, I have questions. But I just want to say that I'm in British Columbia, CANADA. The houses here are extremely high, since more and more people are coming here. A 15-30 year old SFR would run at about 200-400K CDN. Condos run from 150-250K. Well the thing is, I want to buy a property and try flipping it for profit. But I don't what I should do after I have bought the house, should I rehab it or can I just sell it for profit? Also, since I'm starting, which type of property is best for beginners? By, how can I effectively cut down the seller's asking price?
don't have to answer everything, just give me a good synopsis since alot of you are in the states and might not be familiar with CDN markets.
thanks
here are some ingredients for a good deal. First you need a motivated seller. Someone who is in a hurry to move. You can tell one of these by signs o neglect. If the house is empty, the grass is tall etc. They need to sell. Make your money on the front end of the deal by buying the house for less than its worth. once you have it you can flip it right away just by putting it back on the market or you can fix it up for more profit. Usually to sell to the retail market it needs to be in move in condition with no needed repairs otherwise you are selling to another investor. If you have the money hire a contractor or do some of the fix up yourself. Just get it ready fo someone to move in and start living. New carpet, fresh paint make sure kitchen and baths are updated.