Even though interest rates are starting to creep up, they are still near historic lows and this means that home mortgages remain relatively cheap. As such, more people are out shopping for homes. Another plus is that more people are getting into that new American pastime – flipping houses. Why do I call it a pastime? Just turn on the TV and go to any home channel and you will quickly find out why. House flipping has become a new competitive sport, one which husbands and wives can enjoy together.
Like any sport, there are winners and losers in house flipping. However, house flipping can be painful. Not in that it hurts your body but it can put quite a dent into your bank account if not handled with care. As such, here are six vendors you will need to secure if you’re going to start flipping homes.
1) General Contractor
This may be the single most important vendor to have in your back pocket to flip houses. Not only can a good general contractor do most of the renovation work, but they will also have a stable of roofers, landscapers, pavers, and painters to assist.
Sure, you could try to coordinate all of this yourself but if you don’t come from the trades why should they trust you. Instead, build up a good relationship with a general contractor and continue to work with them. By doing so you will find that they will stick with you through thick and thin.
Another must have vendor for house flipping is a good electrician. Not only can they help you set up a budget, but they will also make sure that your home passes inspection. Don’t take the risk – work with an electrician who will help you to install of the latest electrical devices at the lowest cost.
This will help you to maximize the value of the house you are flipping in a small amount of time. After all, success in flipping is not measured in weeks to turn a house around but days.
So if you are in need of an electrician to assist you with any electrical issues, an Electrician Marrickville is ready to help.
Let’s face it, the most popular home upgrades are the kitchen and bathroom. As such, you can’t survive the flipping game without a plumber. The plus to working with an experienced plumber is that they will assist you in getting discounts on various fixtures you need.
Why not? Every dollar counts when flipping homes.
4) Real Estate Agent
While investing in houses is easy, flipping success only comes when you sell the property. As such, you need to work with a driven real estate agent who can sell your home at the price you want no matter the market.
However, there is one thing you should know as finding a driven real estate agent is not as easy as it seems. Remember real estate agents are in the business of selling real estate and making a profit.
As such, you need seek an agent who is willing to do what it takes to get your house sold. If not, you will end up losing profits you need to flip your next house.
5) Moving Company
This is especially true if you are just starting out in the flipping game, as odds are that you will be staying in the house you are flipping. As such, you need a trusted moving company who can help you to move your belongings in and out of wherever it is that you are staying this week.
Don’t overlook this fact, as a good mover will not only make your life easier but you can also work with them to help ease your buyer’s move into their new home.
6) Mortgage Broker
Did you know that most home mortgages in the U.S. are originated by non-bank lenders? Working with a regular mortgage broker will help you to access the capital you need to purchase the homes you want to flip without going through weeks of delays. In this way, you can use other people’s money to find off market homes which you can flip in no time .
Get yourself a good real estate lawyer. They will make sure that all the documentation associated with the property is in proper order. Doing so, will ensure that you won’t have any unexpected delays when it is time to sell your house.