Absolutely Not-providing you have realistic goals and know what you are doing flipping homes can still be a profitable endeavor in 2009. This does not mean you need to be a financial genius. The truth is that the majority of folks flipping homes are every day Joes and Janes like you and me. Being a rocket scientist, is not a requirement but you do need to be much smarter than you used to be to be able to make money flipping a Central Ohio property in 2009.
Think Conservative
Not in the political sense but as a general practice from start to finish. With Market conditions being what they are there is little room for error. Purchasing as low as you can, holding down costs of home repairs and improvements, selling at a reasonable price and keeping your focus on getting rid of the property quickly is essential in having a successful flip in 2009.
Keep Realistic Expectations
Unlike times past, in today's market it may be unrealistic to think that you will be able to move a property a few weeks after completion. Of course working with your Realtor you should be able to get comps and information that can help you gage probable selling time frame. Being able to obtain manageable financing rates will be key should you need to float payments until the property sells.
Greed is Not Good
No matter how tempting it is to price a property flip at the highest amount that the community will afford, it must be resisted. In today's slow market that would most likely be a recipe for disaster. The only thing you will succeed in is prolonging the sell of the property. In and Out as cost effectively and quickly as possible is the key. Granted this may not be as quickly as in days past but it still needs to be the motto by which you operated. Making a profit is the ultimate goal for your Central Ohio Flip, however, margins are likely to be a little tighter in today's market.
Reflections from the Past
Flipping properties 2,4, 5 even 10 years ago was not a whole lot different than it is today. Then as now property flipping was a high stakes game of reward and risk profitable only to those who understood and respected the rules and limits. A few years ago one could error and bounce back today the consequences of mistakes can be much harder to recover from.
Ready to make a profit flipping a Central Ohio Property or have other real estate needs, give me a call at 614-273-6406 or email me at vanessa.simmons@realliving.com.
For More Home Buying/Selling Tips See:
Should Your Central Ohio Investment Property be a Fixer Upper?
Drab Kitchen Make-Over...On a Budget
