When "flip flopping" is a good thing....

"Flip flopping" has gotten a bad rap lately. In the political arena, at least. However, in real estate, it can be a good thing. Buying a fixer and flipping it after rehab has become an entrepreneurial dream job. It requires some skill, though, and certainly inventiveness. The hardest part is chossing a likely prospect for a flip. This usually requires the neighborhood support the sales price of the finished project, not the wreck you're hoping to convert. In other words, if all the homes in the neighborhood are cheap, you might want to look somewhere else. Finding the right materials at a price which doesn't break the budget and shrink your profits while still presenting a home which will sell is a balancing act which gets easier with time, but is never wholly conquered. The one thing about the "Flipping business" which is constant, is the fact that nothing is a sure deal. There's very often surprises in homes which only becomes visible when the walls are opened up. Things like improper wiring, broken pipes, improper insulation, and other issues which could drain resources. The key is to discover them before closing escrow.

If the right house is purchased at the right time, the right changes are made, and the right materials used, "flipping" can be great fun and a great investment. It makes sense to utilize every source when choosing an investment of this kind, and using a real estate agent who is knowledgeable and well versed in the neighborhood you're considering is a smart move.