Flipping Houses: Three things you might be doing wrong

Even though Patrick Finney has become one of the top real estate brokers in the Denver area, he still enjoys what inspired him to get into real estate to begin with.

Flipping houses.

The Denver housing market has become the ideal place to flip a home. This summer, the average home spent just 60 days on the market – which, according to TheDenverChannel.com, means that “finance companies are willing to take the risk.”

But the investment can also be a risk for the person flipping the house. That’s why Patrick Finney offers these three tips that will have you investing like an expert.

 

Three Lessons about Flipping Houses

Buy low. 

It’s not rocket science, but if you don’t buy at the right price, you may wind up doing all the work for nothing or at a loss – which is just devastating and painful.

 

You never get a 2nd chance to make a 1st impression. 

Think re-sale.  Don’t save a nickel when it will cost you a dime on resale.  If you’re hesitating, you probably need to go with the better product.

For example: windows. If you think “I can get away with 30 year old windows” but you remodel the rest of the home, buyers will notice.  Or worse, if you do a 100% remodel, yet you don’t replace the front door and/or hardware (and it looks rough), you won’t be making the first impression that you need to.

 

Potential = money.  

“This home has amazing POTENTIAL!”   If you just get wrapped up in a home’s “potential” sometimes you can look beyond the true costs of what it takes to go from “potential” to “amazing.”

And guess what?  Amazingly, your pocket book will shrink too…which brings us back to the first tip!

 

 

Patrick Finney

Looking to invest in a flip? Work with an expert!

Patrick Finney is the owner and managing broker of FINN Real Estate in Denver, Colorado. He has been named a Five Star Agent by 5280 Magazine seven times and has over 15 years of industry experience with $240,000,000 of real estate sold. He is an active supporter of many non-profits, including the National Multiple Sclerosis Society and the Leukemia & Lymphoma Society.