Now for the best part of flipping a house...selling.
No doubt, one of the most exciting parts of house flipping is selling. You have worked so hard and the sale is the sum total of the multiple steps you have taken. You raised some money having learned how to flip houses with no money, you bought the property, you repaired it and rehabbed it and now you're ready to sell it.
The ARV number when you first started the project is now the benchmark you'll use to sell with your real estate broker. Now you can't wait to see if you can get the ARV you thought you would get for the flip. All those many months of hard work are finally coming to fruition and you are looking forward to leveraging your success to maybe quit your job, start your own business or go along to your next house flip.
I've talked about ARV or after repair value multiple times. Simply stated, the ARV is the price you hope to get when you sell. ARV or after repair value is the price you hope to get when you sell your house flip.
If you stop and think, the price you sell for is the most important number to crunch when you flip. That number sets the tone for the entire project. If you buy a house for $60,000 or $70, 000 (which sounds pretty good) but you can't sell it for even $80,000, chances are slim you'll make money flipping houses.
Your ARV you determine at the start of the project is just a benchmark for your profitability. Regardless of what that ARV is to start, what matters now is what you can sell for today. This all important number, however influenced by ARV, is the real number that you can sell for today.
After she does the market analysis, your broker tells you that you can sell your flip for $200,000. She carefully performed a market analysis and using compilations of other sold properties known as comps. Today, six months after the start of the house flip project, you have a very good feeling about getting top dollar when you sell. Your broker's job is to find you a buyer who will see the value and pay the price.
So because the broker tells you the price should be $200,000, do you go out and list the house for $200,000? Absolutely no way.
Especially when you're first learning how to flip a house, and even if you've flipped dozens of houses, always get the advice of your team. When you sell, you need to ask the advice of your house flipping team. Get their advice and ask their opinion. Thee is nobody who knows the market as well as she does
Ideally, the real estate broker may be the same broker that you worked with early on when finding your first house to flip. If you agreed ahead of time to sell the house with the same broker you bought from, you need to keep your word.
Make sure you keep your word. House flipping success hinges on forging relationships with people who know, like and trust you. It proves to the real estate broker that you are a credible and honest person, which will come back to you in the end. If you did promise them the listing when you are looking to sell, then make sure you stay honest and keep your word.
Be honest and keep your reputation intact. Word travels fast in the local house flipping world, so keep your word and your reputation in check.
Now is the time for your real estate broker to do the current competitive market analysis. Like most house flippers, you've been keeping an eye on the market so you probably have a good idea as to what the new price might be...but the truth is in the numbers.
When you do get the number from your broker, it could either come in above the ARV or below it. If the price is below ARV, that's when the 70% Rule will really assist you.
Make sure safeguards are in place when you do your initial analysis to make sure you ensure against loss. You do this by buying at 70% or more below what your ARV will be and the 70% includes your repair costs as well. When you do this right, your house flipping profits will be safeguarded from loss.These hose flipping selling tips will help you lock in your profits.
No doubt, one of the most exciting parts of house flipping is selling. You have worked so hard and the sale is the sum total of the multiple steps you have taken. You raised some money having learned how to flip houses with no money, you bought the property, you repaired it and rehabbed it and now you're ready to sell it.
The ARV number when you first started the project is now the benchmark you'll use to sell with your real estate broker. Now you can't wait to see if you can get the ARV you thought you would get for the flip. All those many months of hard work are finally coming to fruition and you are looking forward to leveraging your success to maybe quit your job, start your own business or go along to your next house flip.
I've talked about ARV or after repair value multiple times. Simply stated, the ARV is the price you hope to get when you sell. ARV or after repair value is the price you hope to get when you sell your house flip.
If you stop and think, the price you sell for is the most important number to crunch when you flip. That number sets the tone for the entire project. If you buy a house for $60,000 or $70, 000 (which sounds pretty good) but you can't sell it for even $80,000, chances are slim you'll make money flipping houses.
Your ARV you determine at the start of the project is just a benchmark for your profitability. Regardless of what that ARV is to start, what matters now is what you can sell for today. This all important number, however influenced by ARV, is the real number that you can sell for today.
After she does the market analysis, your broker tells you that you can sell your flip for $200,000. She carefully performed a market analysis and using compilations of other sold properties known as comps. Today, six months after the start of the house flip project, you have a very good feeling about getting top dollar when you sell. Your broker's job is to find you a buyer who will see the value and pay the price.
So because the broker tells you the price should be $200,000, do you go out and list the house for $200,000? Absolutely no way.
Especially when you're first learning how to flip a house, and even if you've flipped dozens of houses, always get the advice of your team. When you sell, you need to ask the advice of your house flipping team. Get their advice and ask their opinion. Thee is nobody who knows the market as well as she does
Ideally, the real estate broker may be the same broker that you worked with early on when finding your first house to flip. If you agreed ahead of time to sell the house with the same broker you bought from, you need to keep your word.
Make sure you keep your word. House flipping success hinges on forging relationships with people who know, like and trust you. It proves to the real estate broker that you are a credible and honest person, which will come back to you in the end. If you did promise them the listing when you are looking to sell, then make sure you stay honest and keep your word.
Be honest and keep your reputation intact. Word travels fast in the local house flipping world, so keep your word and your reputation in check.
Now is the time for your real estate broker to do the current competitive market analysis. Like most house flippers, you've been keeping an eye on the market so you probably have a good idea as to what the new price might be...but the truth is in the numbers.
When you do get the number from your broker, it could either come in above the ARV or below it. If the price is below ARV, that's when the 70% Rule will really assist you.
Make sure safeguards are in place when you do your initial analysis to make sure you ensure against loss. You do this by buying at 70% or more below what your ARV will be and the 70% includes your repair costs as well. When you do this right, your house flipping profits will be safeguarded from loss.These hose flipping selling tips will help you lock in your profits.
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