So flipping houses can make you lots of money but do the same rules apply for flipping houses in Houston Texas?
The fact remains that flipping a property can be tricky but it can be fun and profitable as long as the decisions you make are the correct ones. Some markets don’t fair as well as the Houston market. Its being said currently that both investors and brokers alike feel the Houston market is one of the hottest in the country.
So what’s the benefit to flipping in a hot market? Well that’s easy to answer, your property sells quickly! You see, its possible to flip a house just about anywhere but its important that the property sell quickly. If your house is complete, shiny and ready for sale but sits for months with no buyers then your profits can quickly fade away.
If you buy a property in Houston, you have a good scope of work and you get your project competed on time and within budget, chances are you’re going to sell fast and make a substantial profit.
If your looking for that perfect deal then Houston is the place but be prepared to beat out a small army of investors looking to purchase the same property. You’re not going to be the first to realize how hot Houston’s market is right now. The market has seen a 15% increase in home sales in the last year as well as an 8% average price increase on homes.
The key here for any investor is to remember that the flip only needs to be brought to the standard of the development its in. You don’t want to over renovate the property. Its not your dream home, it’s for someone else.
- Purchase Property Below Market Value
- Be sure you know the ARV (After Repair Value)
- Have a Detailed Scope of Work
- Don’t Over Rehab
- Complete the Rehab On Time and Within Your Budget.
- Sell Quickly
As you can see in the list above there are not that many steps to the process but each one is so important to the overall outcome. One of the most important to your overall profit is the last one, sell fast. If your flipping houses in Houston that one should no problem.
When going for your first flip or your tenth the same rules apply. Make sure you stick to your plan and remember if you want large profits flipping houses in Houston Texas can be one of your best bets.