If you've ever thought of investing in a fixer-upper, then you've probably also felt the anxiety caused by pondering the next steps you'd have to take to get the shine back to your new-old property and get some cash out of it. Making sense of where to begin is in itself a challenge, and each time you think you've discovered the master plan, everything seems to starts again from the beginning. And to add to the stresses, you're also probably researching on how much you can flip the property for, and what factors and costs you'd have to include to get back your investment, with interest and income of course. This is where most flips flounder.
To be able to fully understand how you can earn from flipping, you should understand that the whole transaction is just all about numbers - nothing more, nothing less. The number of hours you'll put in to renovate, the number of realtors you'd have to contact, the number of zeroes involved in your transaction, and the number of zeroes you'd get in return.
Define Your Approach Knowing how you're going to make money off your purchase would be wise before you invest your hard-earned money. Are you planning on plainly flipping or are there other options that you've unregrettably ignored? And since you're in the planning phase, you should also consider having an "exit strategy", so that if plans don't exactly go your way, then you have a fallback plan to stick to.
How and When Will I Earn? Right off the bat, you can sell your property quickly and painlessly. This means selling it the way you've bought it, without any renovations whatsoever, and make a quick thousand or two. BUT, with a rapid rental market, Bostonians tend to benefit from hanging on to the properties they buy. These are the things you REALLY would need to think about in order to fully grasp the transaction you're going into, and of course, the benefits associated with it.
Making Your Own Luck Of course, these deals won't happen unless you have a property that's worth the worry. You'll need to search out and ask your realtor if there are any good ones on the market that could be your potential cash cow. Properties, much like opportunities, don't just knock on your door - you have to seek them out!
Find out for yourself if there are any good investment opportunities here.