Home Courses Livestream On-Demand Resources Hall of Fame Store Training Schedule Guest: Sign In / Register

News Feed

What Type of Homes Are Best Suited for Flipping?

By: Elite Legacy Education, September 30, 2016

What Type of Homes Are Best Suited for Flipping?

 

When it comes to flipping homes, most people do not have a problem with choosing the right location. Everyone knows that they have to be at the right market at the right time in order to profit from house flipping. The next step to figure out is choosing the type of home that would be best suited for flipping. Depending on your goals, there are numerous answers to this question.

Houses requiring minimal fixes: You might not be able to find the perfect home for flipping, and that is perfectly OK. What you want to look for instead are the fixes that will require the least amount of investment on your end. This means you want to have a house that has a well-established structure. Having a well-established structure means that certain things such as plumbing and electricity are in working order. If minimal repairs are needed such as replacing doors, fixing old wallpaper, or repainting the exterior of the home, then you are good to go. Remember the general rule of estimating the cost of any job, take your estimate and tack on an additional 20%.

Newly built homes: This is definitely an option for those who have more experience with house flipping and have access to an established network, but some people will purchase homes that have just recently been built and sell those to prospective buyers. The main advantage is that next to no repairs are required due to the fact that the house is newly built. The only downside is that you will be charging far more than the original price of the house, therefore you will need to be extremely good at negotiating with buyers in order to profit from flipping these kinds of homes.

Houses located in bullish real estate markets: It is worth repeating that location is a huge determinant in choosing the type of home that you want to flip. At the end of the day, the types of houses that people want to buy (townhomes, bungalows, residential homes, etc.) and where they want to live will ultimately have the biggest influence on your decision of a flip-able home. There is no point to getting a great deal in a real estate market that is simply not profitable for the time being.

Although these three categories may be a slight oversimplification of the types of homes that are best suited for flipping, most homes that can be flipped generally fall under these classifications.

Which homes have you found to be best for flipping? Share them on social!

Today's market is filled with many opportunities for the savvy investor. Our Rich Dad Education trainers will introduce you to proven strategies that can help you launch your career as a successful real estate investor. Our Rich Dad Education instructors will also discuss ways you can develop a "Rich Dad Mindset".

Don’t miss out on all of the ways Rich Dad Education can help you reach your goals in life!

Learn more about Real Estate Investing in our upcoming free interactive webinar! Register Here



Want the live experience? Attend an upcoming free workshop coming to your area! Register Here

What our students are saying: I’ve been able to change my life for the good from taking these classes. Stephen A. Aurora, CO

Browse through our Rich Dad Education reviews by clicking above!

Founded in 1992, Elite Legacy Education is a recognized global leader in quality financial education.
Legacy Education Alliance, Inc. is a leading provider of educational training seminars, conferences and services.
Rich Dad Education offers real estate & stock training based on Robert Kiyosaki's book Rich Dad Poor Dad.

© LEA Brands, Inc. All Rights Reserved.

The Elite Legacy Education word mark and logos are owned by LEA Brands, Inc. and are used with permission.

Elite Legacy Education is a trade name of Elite Legacy Education, Inc., a Florida Corporation.

The educational training program provided hereunder is not designed or intended to qualify students for employment. Our curriculum is avocational in nature and is intended for the purpose of the accumulation of wealth by, and the personal enrichment, development and enjoyment of, our students.

Privacy Policy | Terms | Cookies