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It’s no secret that the real estate market has been on a roller coaster ride over the past few years.
For those of you who want to get into the house flipping business, it’s important to understand that the market is still in a bit of a slumber. Even so, Peter Ivantsov – a real estate investor and house flipper, says that there are still some great opportunities for those willing to put in the work.
The key is to find undervalued properties and then invest the time and money necessary to fix them up. If you can do that, you’ll be in a position to make significant profits.
Of course, it’s not always easy to find these properties according to Peter Ivantsov
So, if you’re thinking about getting into the house flipping business, don’t be discouraged by the current market conditions. With a little hard work, you can still make it a reality.
What You Need to Pay Attention to According to Real Estate Investor Peter Ivantsov:
Comparable Homes
If you want to start flipping houses, it’s important to understand the concept of comparable homes. Comparable homes are properties that have similar characteristics to the home you’re interested in: they’re used by real estate professionals to help determine the value of the home they want to buy. When you’re looking at comparable homes, pay attention to things like the size of the property, the location, the age of the home, and any special features that it might have. By considering all of these factors, you’ll be able to get a better sense of what a fair price would be for the home you’re interested in. With this knowledge in hand, Peter Ivantsov believes that you’ll be in a much better position to negotiate with sellers and get the best deal possible on your new home. Do your CMA’s right or ask your broker to give you a CMA on a particular street and property you are looking at.
Delegate the Work
When it comes to house flipping, the old adage that time is money is especially true. The secret to profiting on a flip is to complete the project as quickly as possible. Otherwise, you’ll end up spending too much time and money on your flip, taking away from your profits. That’s why it’s important to learn how to delegate tasks and manage workers effectively. Trying to save up money on contractors wouldn’t be the wisest approach since the final quality of work is one of the most important qualities for attracting home buyers. Of course, this aspect is not just limited to house flipping; it’s also relevant to many other fields, such as project management, event planning, and even parenting. But for a first-time flipper, Peter Ivantsov believes that learning how to delegate effectively can be the difference between success and failure.
Networking for the First Sale
If you’re thinking about diving into the world of house flipping, Peter advises to find the right sellers to work with. After all, your success as a flipper depends on being able to buy low and sell high. That means finding sellers who are motivated to sell as quickly as they can and are open to negotiating. One great way to find such sellers is to attend local real estate investment club meetings. At these meetings, you’ll meet experienced investors who can provide you with valuable leads. You can also search online for house flipping listings in your area. By taking the time to find the right sellers, you’ll be well on your way to making a successful first investment.
Being a first time home flipper can be daunting and full of challenges. However, if you are aware of the potential risks and plan your investment carefully, flipping a house could be highly profitable. By paying attention to comparable sales of homes in the area, delegating the renovation work to verified professionals and networking with other real estate investors, you will put yourself in a much better position to succeed as a first time home flipper. If you’re interested in real estate investment, do not hesitate to reach out to Peter Ivantsov for expert guidance and consultation.
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