Auctioneer explains Flipping houses in Texas
- January 19, 2017
- Posted by: Myers Jackson
- Category: Americas Auctioneer
Auctioneer explains Flipping houses in Texas
What is the excitement, well Auctioneer Myers Jackson explains flipping houses in Texas. First of all the meaning of flipping houses has evolved in the past few years. The trade craft of buying and selling homes is certainly not new, however there seems to be a frenzy and the reality is that flipping houses is very popular. I think this becomes more evident each time a new reality tv show hits the airwaves the idea about how to make money in flipping houses in Texas becomes more interesting. The great State of Texas hosts thousands of entrepreneurs that are willing to take an old hose and do everything possible to make it fantastic again. So lets look at some steps that it may take… to make this a reality. Understand how the process works and that may enable your quest on making a profit in the business.
1. Inspect the house: Make sure you take the time to understand what you are getting into with each home you start to buy. Getting the permission to do so should be easy, however the tasks to look at every crack or creavase could be painstaking. Options are to hire a certified home inspector or simply ramp up your knowledge about building standards and sound construction practices will help you evaluate the necessary repairs and replacements you must undertake to make your flipping home as perfect as you can make it.
2. Understand the costs: Evaluating the cost it takes to remodel, repair, replace or to relocate a house will be crucial in your profit or loss statement. Lose to much money every time and your house flipping days may be cut short. The inspecting in step one is very important and making a budget to outline each expenditure may be twice as important. Sometime unforseen costs may be hidden behind a secondary wall, termites or previous repairs not conforming to build code standards. Consider the costs for permitting, updating code requirements, efficient or green products, and the additional labor costs for specialized contractors. Material types conditionally affect your final costs, going cheap may improve your bottom line, however it may not improve your reputation as a quality source when flipping houses in Texas.
3. Location.Location.Location: The first three rules of Real Estate is location. Not all houses will confirm to remodel in some neighborhoods or the house may be an excellent buy, in great condition however a blighted community may not allow for a profitable return. Options may include moving the house to a new location. Just like the house movers on Texas Flip N Move. Once again make a note in your line item expenditures, this could cost some real money. Get a estimate from a professional house mover. Many communities are perfect to buy ad flip, they key is to impress the buyers. Check your lot lines, maybe the flip could include a landscape update or an addition for patio, deck or hot tub. Make the newly renovated property energy efficient, updated conveniences, green updates with happy living in mind.
4. Market the Property: Marketing s very important when expecting to make a profit. Flipping houses in Texas in really popular so you will have competition in the selling space. Use Social Media, Search Engine Marketing and Digital Advertising to your benefit. Signs are very beneficial, print ads still work in some venues, however one tactic does not stand alone in success. Use each marketing campaign wisely with the advantage of urgency. As an Auctioneer I create urgency.
5. Create Urgency: Creating urgency is a must on the selling and buying side as well. Why…because time is money. Every dollar that sits on the shelf produces no investment profits. If you are going to flip houses in Texas, all I can say is make it happen. Get into the market with an aggressive attitude. Attend Auctions, drive the streets looking for FSBO signs, look in sales papers for ads, make offers, buy the house and get busing working.
6. Hire Professionals: Get a profession to help you do the work. DIY’S or do it yourselfers are very common and the best of us sometime seek the advice, instruction and help form those who really know what to do. My friend Randy Marin on ” Texas Flip N Move ” found that out when he tried to finish some hardwood floors. He made the right move when he hired a floor finish company to do the job right. That is true with house movers, auctioneers, carpenters, electricians and decorators. Suzi Slay has a eye for decorating, Donna and Toni does have a knack for getting things just right on the DIY hit show and you can be just a successful if you pay close attention to the details, work hard and work with good folks to get the job done.
The Auctioneer explains Flipping houses in Texas and the possibility of you becoming successful in the house flipping business. These are a few tips and as always we encourage you to be cautious when tacking these tasks. Have fun, enjoy and go make some money.