How To Make Money Flipping Homes In Orange County
One of the best ways to make money in Southern California in 2012 is by flipping properties; this money making method has been popular for the last few years and more investors are starting to catch on now that the Orange County real estate market is red hot and most sellers are receiving multiple offers on the homes that they have for sale.
What Kind Of Profits Are Possible?
One real estate investor recently bought an Orange County home for $150,000 and then invested $15,000 to repair the home and get it ready for sale. After he finished fixing up the home he listed the home for $230,000 several months later and made a quick profit.
Profit – $ 65,000
This type of profit is extraordinary and not always typical, but most real estate investors typically make profits of $10,000 to $15,0000. Getting started with flipping Orange County homes takes time, patience and the ability to find affordable homes for sale.
Where Are The Best Counties To Flip Homes In Orange County?
South Los Angeles, Inland Empire and many areas in Orange Countyare ripe with opportunities for flipping homes right now. Before you go out to start flipping Orange County homes make sure you follow this checklist:
- Leave your emotions at home – In the business of flipping homes, that’s all that it is, a business, and you shouldn’t get attached to the home you’re buying because you risk the chance of holding onto it for far too long which could cost you money.
- Focus on the inside AND outside – When you’re fixing up a home don’t just invest all of your money on the inside of the home. Make sure you focus on fixing up the outside of the home too because you don’t want to risk ruining the first impressions of buyers who might be turned off with how the outside of the home looks and will never make it to the inside of the home.
- Don’t get fancy – Even though you might be inclined to decorate and make the home “pretty”, you risk turning off potential buyers. The solution to the problem is to make the home “nice” or a blank canvas that’s perfect for someone who is looking for the right home for them and wants to apply their own personal touch.
- Create a timeline – Once you’ve bought the home, take the time to sit down and write out a timeline for all of the repairs that need to be made and everything you have to do before you’re able to get it ready for sale. This step is important because, time is money and every minute counts. As the adage goes, “Time is money” and the longer you wait, the more you open yourself up to unexpected cost overruns.
To learn more about how to successfully flip homes in Orange County, contact Fred Sed & Associations today at (949) 272-0125.