Flipping Chicago real estate has become a very enticing venture for many people. With all the latest television shows making the process seem so simple and many of them telling you that you can flip a house with no money down. Sometimes it’s hard to know who or what to believe. Buying a home in Chicago to flip can be done, but you really need to learn the facts before you begin.
Seven Things You Need To Know About Flipping Houses
1. You are going to need cash if you want to buy and flip luxury Chicago real estate.
2. You will need a team to help you. It’s almost impossible to try to do everything yourself.
3. Thoroughly study the market trends and the market comps before you buy anything.
4. Find an undervalued property and, if possible, thoroughly inspect it before you submit a bid.
5. Learn and follow the 70% rule.
6. The quicker you get the house completed and sold, the more money you will keep in your pocket.
7. Expect the unexpected. No matter how hard to try to prepare for possible contingencies, sometimes things happen that are out of your control and you will have to shell out some money to take care of those issues, even if you didn’t budget for them.
Flipping houses can be exciting, but you really shouldn’t go it alone. If you are interested in flipping houses in Chicago, please contact us today.