on Wednesday, January 11th, 2017 at 9:08pm.
Flipping Houses in Edmonton
As many of you know, I started a flipping business in Edmonton, Alberta last year and I wanted to write a quick article on what to look for in a home if you want to flip and make a good profit.
First and foremost you absolutely need to get the right team together. Your realtor will be your best friend, if you find a realtor that actually knows about house flipping they will be able to present you with what you should pay for a house, the approximate cost of renovations, what the closing costs will be, and then what it would be worth once complete. Most realtors will not have a clue how to put these numbers together especially if they have never flipped a property. I myself have flipped a ton of properties and can pick these numbers out of my head especially the renovation cost and closing cost. Secondly you need to hire the right crew, there should be one contractor in charge. When you hire this person you have to be able to trust them with your investment....and with your tools. Hopefully your realtor will be able to offer up some good referrals for contractors, plumbers, electricians and any other companies you will need to hire.
And last you need to find the right lender if you will be financing the property. I recommend using a mortgage broker as they will be able to get you the best rates on the flip, and will be able to get you the lowest payout penalty possible.
The next thing I always look for is the property. You should be making sure there is minimal foundation damage, no sagging ceilings (as this suggests foundation damage or roof damage) and no or minimal asbestos (as this can be costly to repair. I like to buy properties that need flooring, trim, baseboard, paint and kitchen. I also like properties with 2 bedrooms that I can convert to 3 bedrooms because 2 bed properties do not sell for nearly as much as 3 bed properties. This leaves a lot of room for profit and will allow you to buy the house for less.
Most house flippers do not like to share these types of secrets to profit. If you want to learn more about flipping or are looking to make a quick profit on an investment in Edmonton, St.Albert, or Sherwood park (these are the areas I specialize in then please feel free to call me at 780-278-4847 or contact me through my website at http://www.buyedmontonhome.com