Should you do a Fix and Flip and make some money?
Have you ever imagined or dreamt about buying a home to fix and flip and make a profit? I’ve done it in my career, and I’ve helped a lot of people who are retired do the same thing.
Lots of people are watching HGTV, and they are seeing these shows about fixing and flipping houses. The good news for people interested in completing a flip of their own is that in today’s real estate marketplace, there are actually deals out there again.
I was just talking to a client the other day, a couple that lives in Malaga and they were a little bored. They’re retired, they made a good living, and they have a great house that they don’t owe very much on if anything at all. But they needed something to do. And so they came to us and they were interested in a fix and a flip.
And not just for entertainment or something to do, but they wanted to make money!
They wanted to put their ideas to the test and see if they could really do it. So they put the work in by searching and researching, finding a home that needed some work for a great deal.
They’re working on it right now. And I think they’re going to make some pretty good money on it.
They have a good game plan and even if the market goes down or adjusts a bit, I think they’re going to be great. They can always rent it out for a few years if it is not the time to sell, rental prices have been stable over the last year.
I want to tell you how they did it.
Since they own a home that is almost paid off, they have some equity to play with. The first thing that they did was get on the Nick McLean Real Estate Group Investor list so they would be alerted and the first to know about great opportunities. That way when they saw what they liked, they were able to make an offer.
In today’s marketplace, they didn’t have to offer full price and they weren’t really competing against a lot of buyers. So they made an offer under the list price and they got the house under contract.
Using their primary home as equity, they did a refinance cash out and paid cash giving them a quick closing. Now they got a fix and flip and they’re going to make some money on it.
If you’re interested in doing a fix and flip, reach out to our team, go to NickMcLeanRealEstate.com, and look for opportunities because they’re coming up every single day.
If you find a fixer-upper that makes sense, the numbers make sense, go for it. This is when you do it. You don’t fix and flip when there’s no opportunity and the price to buy a house is too high.
Nick McLean Real Estate