Interested in house flipping?
A lot of shows have come out lately that show people flipping houses for profit. It makes you wonder if you could do this yourself. Now, we recommend you do a lot of research before you jump in to a venture like this but it could be very profitable if you do it right. We have an amazing house flipping program that might be able to help.
House Flipping Mortgage
The above link leads to our page on house flipping mortgages. This is an innovated program with one of our lenders that allows someone who wants to do house flips in major centers like Calgary or Edmonton with the usual large down payments necessary. For people with experience in the industry this program offers a house flipping calculator that will help you to evaluate deals that you find in your search for the next flip.
Some major points to consider before attempting house flipping:
1- What kind of experience do you have? I know that when you are sitting around on a Sunday watching TV those renovation shows look pretty simple. Just buy a house, do a little work and sell it for profit. It is not as easy as it might look on TV. If you have never done renovations before you may not understand the skill and time investment that it takes to make those projects work. The people that you are seeing on TV are professionals and do this every day. They make it look a lot easier than it is.
2- Time? People always want to take on projects on the side of their main income but one of the major flaws in their plan is the time that it will take out of their life to get these things done. Most people think that they will spend “X” amount of hours per week on this project but once they realize that those hours mean they cant watch the TV shows they like or spend time with family and friends their tone changes very quickly. Take a serious look at the things that you will be giving up to take on a project before you get started.
3- COST! This is the biggest one. They say that when you start a business you should have 12 months of living expenses in the bank so that the business has time to grow before you start to take profit out. You need to think of these flips as a business in the sense that you cannot bet on the house selling in a certain time frame or costs being down to the penny. Most businesses that fail do so over money and lack of financing. As well renovations are over your estimated costs most of the time. You need to make sure that you have a financial cushion before attempting a home flipping project.
I know that these points might sound like we are telling you not to attempt house flipping but its the opposite. We think it is an amazing opportunity no matter what the economy is doing and we can help. We are just trying to make sure that you are prepared for the challenge and you are set up for success. If you are someone who is seriously looking to try house flipping give us a call or fill out the app on the main page of this site. We would love to chat and help you get started.