How to have a successful WNY Real Estate Flip
It’s one of the hottest trends in real estate market today – buy a house, quickly fix it up then turn around and sell it for a huge profit. There is great potential to make incredible profits here in Western New York. Every day we speak with potential property flippers and those interested in rehabbing homes in WNY for profit. Many times those that want to get into this type of renovation are affected by television shows like Property Ladder and Flip that House.
There was a time when you could purchase any home, do minor painting and turn it around 30 days later making a heafty profit. In case you hadn’t noticed, those days are over. Does that mean that you cannot make a profit in Real Estate investment? Not necessarily, but it means that you will need to make informed decisions that make sound financial sense. That includes being prepared to hold a property until you can sell it. In Western New York there are great real estate deals to be had in this changing market. It is the investor that can spot them, buy them, fix them up, and turn around and sell them quickly that will be successful.
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Remember it is those that are prepared and informed that will be successful. Not doing so, is the first step toward their failed house flip. How do ensure success in your real estate flip? Here are some things that you need to do before you even make an offer on a property that you are going to flip:
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Know where the value of the repairs and updates that you install. In many WNY homes, new flooring is a great investment. Does your flip really need travertine marble floor?
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Always keep in the back of your mind the target buyer and make sure that your flip house has the features that appeal to that Western New York buyer, which might be different than what you would desire in a home for yourself.
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Don’t over-improve for the neighborhood and therefore making your home more difficult to sell
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Having an unrealistic budget and time line
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Don’t forget to build in time for unexpected repairs, delays and
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Remember to have cash in hand and the crew ready the day you take possession
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Speaking of crew, make sure you have resources that you trust
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Avoid purchasing the wrong property or paying too much for a property
Possible homes to purchase and flip
Ready to invest in Real Estate in Western New York? Call me at (716) 650-0051 to find out about Investment opportunities and how to have a successful Real Estate Flip.
Thinking of selling your Erie County home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.
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All Statistics are gathered from the Buffalo Niagara Association of REALTORS®. Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
About Colleen Kulikowski, Licensed Real Estate Salesperson (716) 650-0051
Colleen Kulikowski is a Licensed Real Estate Salesperson at MJ Peterson specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.
Comment
Ann Cummings
April 28, 2008 at 7:57 amColleen – excellent advice for investors looking to take advantage of the great opportunities in you marketplace. They’d do well to work with you so you can share your knowledge with them.
Cyndee Haydon
April 28, 2008 at 11:10 amColleen – this is excellent advice – i can’t tell you how often I see people make these common mistakes and then wonder why their “investment” becomes a “liability”
Colleen Kulikowski
April 29, 2008 at 7:15 amAnn– thanks!
Cyndee — so very true!
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May 2, 2008 at 4:58 am[...] How to have a successful WNY Real Estate Flip [...]
Lindsay
July 1, 2008 at 4:57 pmThis is such great information! I am new at investing and this really helps!
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Colleen – excellent advice for investors looking to take advantage of the great opportunities in you marketplace. They’d do well to work with you so you can share your knowledge with them.
Colleen – this is excellent advice – i can’t tell you how often I see people make these common mistakes and then wonder why their “investment” becomes a “liability”
Ann– thanks!
Cyndee — so very true!
[...] How to have a successful WNY Real Estate Flip [...]
This is such great information! I am new at investing and this really helps!
[...] Read Also:Â Rules for Successful Real Estate Flip [...]
[...] How to have a successful WNY Real Estate Flip [...]
[...] How to have a successful WNY Real Estate Flip [...]