If you’re interested in flipping Bellaire real estate — you're in luck. With a critical eye, a bit of hard work, and experienced professional guidance, you'll be well on your way to flipping your first Bellaire home.
From finding the best Bellaire real estate for sale to estimating repairs and hiring a realtor — below are seven tips that can turn you into an expert flipper in no time.
Flip Bellaire real estate using these tips
Find the right Bellaire home for sale
When flipping Bellaire real estate, it's important to find a property that needs some repairs but is otherwise structurally sound. You don't want to overspend on a property that’ll require more time and money to fix than it’s worth.
To find the right property, it's essential to:
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Research the Bellaire real estate market and comparable homes that have recently sold. A local real estate agent can give you the most up-to-date comparable sale information. This information will give you a good idea of what properties are in high demand and what prices you can expect to get for your flip.
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Look for Bellaire homes for sale that are being sold by motivated sellers. These are typically homeowners who need to sell quickly and may be willing to negotiate on price.
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Pay attention to the condition of the property. Look for homes that have cosmetic problems like outdated fixtures or peeling paint. These are usually homes that will be easy and relatively inexpensive to fix up.
Determine the scope of repairs and upgrades
Once you’ve successfully purchased a property for your flip, you’ll want to walk through the home again and identify what areas you plan to repair and upgrade. Make a list of all the repairs that need to be made — both big and small. Think about how your ideal buyer will use the space.
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Consider what features are currently missing or need upgrade or repair, such as structural issues or an outdated kitchen.
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Look at Bellaire homes that have recently sold nearby and compare their photos to your newly purchased Bellaire real estate. This can give you a good idea of the kind of work that was done and how much it might cost to do similar work on your property.
Create a timeline and budget
Now that you have a good idea of the repairs that need to be made, it's time to create a timeline and budget for your project.
- Start by creating a schedule of all the work that needs to be done on your Bellaire real estate. Be sure to allow enough time for each task and factor in any unexpected delays.
- Once you have a timeline, you can start to create a budget for the project. Based on your research of the area, draft a rough estimate of the cost of materials, labor, permits, and any other miscellaneous costs that might come up. Your estimate will be refined once you’ve decided which contractor(s) to hire, but this should give you a good starting point.
- It's also important to factor in a profit margin when creating your budget. This will ensure that you make money on the sale of the property.
Estimate the cost of repairs
Once you have a budget and timeline to get your flip back on the market among other Bellaire homes for sale, you can begin to look for contractors to do the work.
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Gather estimates from contractors who are familiar with the Bellaire real estate market. It’s best to establish a trustworthy connection with the contractors you hire so that you can work with them again in the future.
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If your timeline allows it, get at least three estimates for each repair or upgrade to ensure you’re getting a fair price. Be sure to ask for references.
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Remember that there are usually hidden costs when flipping homes, so it's important to add a contingency fund into your budget. This will help cover any unexpected expenses that come up during the course of the project.
Hire your Bellaire real estate team
Once you’ve decided on a contractor, sign a contract outlining the work scope and payment schedule. With your team in place, you can start working on repairs and upgrades. Be sure to stay within your budget and timeline as much as possible. It’s also wise to contact an experienced local real estate agent. They will ensure you stay up to date on comparable sales and how the market is shifting so you can tweak your timeline and expected return on investment as your flip project progresses.
Monitor repairs and be realistic
If you’re finding that your budget or timeline is fluctuating too far past your estimates, it may be time to cut your losses and sell the property. While selling a flip at a loss or equal value is an irregular occurrence, it does happen, and you should expect some flips to be more successful than others. You should also be cognizant of the risk that your flip may exceed your budget, take too long to repair, or fail to sell at the price point you had hoped for.
List the property
Once repairs and upgrades are complete, it's time to list the property alongside other Bellaire homes for sale. To help you navigate the pre-listing preparation and listing process, consider hiring a real estate agent who is familiar with Bellaire real estate and has a good track record of selling homes quickly.
Work with your agent to:
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Price the home competitively. Look at comparable homes that have recently sold in Bellaire and price your home accordingly.
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Make sure the home is in tip-top shape before listing. This means deep cleaning after all the repairs are complete and staging the property to show its full potential.
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Take professional-quality photos. Hire a professional photographer/videographer to take pictures of your newly renovated home. These photos will be used in the MLS listing and on marketing materials.
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List the property and start marketing. Once the property is officially listed, your agent will help you market the home to potential buyers. This includes holding open houses, hosting broker previews, and creating an online presence for the listing.
Remain patient and optimistic about your return on investment. With the hard work out of the way, your property should sell soon, and you can start planning your next Bellaire home flip.
Ready to invest in Bellaire real estate?
There’s a lot that goes into flipping Bellaire real estate. But if you do your research, establish a trustworthy team, and stay within your budget, you can make a profit on each new investment. To learn more about buying, selling, and finding the best Bellaire real estate, contact the experienced real estate professionals at Martin Collum Group.
