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There are a lot of reality shows on TV about buying properties and flipping them for a return. Although these shows often make it look a whole lot easier than it is, there are some great opportunities to make money flipping homes here in Northern Virginia. To help you, I want to share the four keys to flipping properties:- Knowing where to find good deals: Great deals aren't going to just fall into your lap. You need to work with a skilled agent and have a solid marketing plan in order to get the results you desire.
- Financial resources: Most real estate flippers pay cash for properties because it's very hard to get a loan on a property that's going to need a lot of work. I know local lenders who are interested in giving real estate flipping loans, and I would love to put you in contact with them.
- Good network of contractors: When flipping a property, there are various contractors you need to rely on, such as: roofing, HVAC, flooring, painting, carpeting, kitchen work, etc. Having a good network of trustworthy contractors will make each flip a whole lot easier.
- Finding a Good Realtor: An experienced Realtor will help you with the marketing of the property and to find a great deal. Additionally, a Realtor will pull comps for you so you can avoid homes that won't net you any money, as well as find homes that are likely to yield a favorable return.
If you have any questions about flipping properties, don't hesitate to give me a call or shoot me an email. I would love to hear from you!
