Flipping Homes in Downey CA

Have you ever thought of flipping a home in the  Downey area?

I know I have! With so many TV shows on about people making tons of money flipping houses, it is really hard to ignore. The temptation is great as it seems like such a great way to earn a living and seemingly have a nice balanced lifestyle. Well, as with everything it is never as easy as it looks and presents its own sorts of challenges. For the adventurous people out there, it could be a great side gig that could eventually lead into a full time career.

Before you go and just buy any house off the street, here are a few key things the experts suggest you keep in mind.  First, and I am sure you have heard this before “Location, Location, Location!”  These are the 3 fundamental rules of real estate and they hold true for flipping houses. Experts say to get the best bang for your buck, you should be looking to buy in the up-and-coming neighborhoods. Spend time driving the areas and find that spot that is right on the cusp of a nice area and not so nice area.

Once you do find the house in the perfect spot, make sure to negotiate a price that works in a profit margin. Depending on the type of project you will need to work in rehab and carrying costs to still ensure a profit by the time you are ready to turn around and sell the house.

Finally, make sure you have an exit strategy. Everything does not always go to plan and if you have not anticipated multiple ways to get out of the home you may be in for a rough ride. If the home does not sell right away you may need to wholesale the property or rent it out. Whatever happens you want to ensure you are prepared for the worst…But always hope for the best.