How To Flip A House In Bend, Oregon
Flipping houses is a quick-profit strategy that many real estate investors use to make money from the property market. It involves buying a property and quickly selling it to make a profit. Flippers can buy houses cheaply by focusing on foreclosure sales or by purchasing houses that need fixing up. Real estate flipping is not necessarily an easy way to make money, but it can be very effective (especially for investors interested in Central Oregon). If you are new to the process, read on to find out how to flip a house in Bend, Oregon.
Understand the Risks and Benefits
Flipping houses is a strategy that has huge potential payoffs. It has become a very popular investment strategy in Bend and the surrounding areas because of this. However, there are also risks associated with this method of making money from real estate. Many flippers need to borrow money to pay for their first home, in which case it’s important to study the terms of the loan carefully. What will be the cost of servicing the loan if the house takes longer than expected to sell? It’s important to compare this kind of risk to the expected profit on each property.
The great thing about flipping a house in Bend is that there are always going to be people who want to buy a home here. Purchasing and fixing up a house has a higher selling potential in Central Oregon than in many other areas.
Get to Know the Neighborhood
Like all forms of real estate investing, flipping houses is easiest in a familiar neighborhood. It’s important to know how much houses in the area usually sell for, as well as how long sales usually take to complete. There are some neighborhoods in Bend, Oregon that may be a more suitable choice over others. Generally speaking, you will want to look in neighborhoods with older houses.
Hiring a real estate agent is a good way to get the inside track on the market, but there’s no substitute for visiting the neighborhood in person. For the best information on neighborhoods in Bend and the surrounding areas, we recommend reaching out to the experts. We are happy to help you find the perfect area to purchase your house!
Gather a Good Team Together
House flipping is not a one-man job. People who successfully use this real estate investing strategy have a team of professionals around them. At the heart of this team is a good construction contractor, who can handle the rehabilitation work that the house needs. A realtor who specializes in distressed homes is another valuable addition to the team. Finally, an accountant who can handle the tax implications of the flipping strategy is a must.
Make a Plan
Any successful house flipping strategy begins with a clear business plan. This document should define the budget and goals of the flipping strategy. It’s important to stick to this plan once it is in place, rather than being tempted to overstretch the budget on homes that become available in local foreclosure sales.
When flipping houses in Bend, you may find that opportunities for new investments crop up frequently. While plan adjustments can be made, avoid making quick decisions. Consult your team before you act!
Find the First Property
Hiring a Central Oregon real estate agent is the best way to find the first property for a flipping strategy. Other options involve using online listings, keeping an eye on lists of upcoming foreclosure sales, or even simply driving around the target neighborhood to search for suitable properties for sale.
As we stated earlier in the article, it is generally best to search for houses that are older or need fixing up. This way you can rehabilitate the home and increase its value (without spending huge amounts of money). It is much more difficult to do this on more modern homes that already have great features.
Flipping a small home? Check out our guide!
Rehab the Home
Always use licensed contractors when rehabbing homes to be sold. Ask friends or fellow investors to recommend reliable contractors. When making decisions about the decor inside the home, it’s best to stick to safe choices. Neutral colors and styles that have stood the test of time are more likely to appeal to buyers than garish shades or dramatic styling.
Remember, you are redoing the house to sell, not for you to live in. While it might be tempting to add your own unique charm, it’s best to stick to what home buyers want. Central Oregon buyers tend to like a more modern and neutral look.
Flip the House!
After rehabbing the home, the next step is to sell it on for a profit. The best way to get a quick sale is to partner with a top quality realty service like Duke Warner. We can help you market the home to suitable buyers and get you the best price.
Finally, don’t forget to place a “For Sale” sign in a highly visible part of the yard. This simple strategy can attract the attention of local Bend residents who just happen to be driving past!
Are you ready to flip a house in Bend? We at Duke Warner are here to help. Click below to start!