Many Investors think that foreclosures present the best buying opportunities but in Boston there aren’t many. As a result, Short Sales present the best buying opportunities. This is a tour of a South Boston short sale that will be gutted and completely restored. Stay tuned for more videos of the project as the home is transformed.
Category:
Boston Flips
Basic Skills Needed To Flip Houses
written by Robert Nichols
Many new investors gravitate to flipping houses because they think it is a quick way to make easy money, but in reality, there is nothing easy about it. Flipping homes starts with education and acquiring the skills you’ll need to be successful. These skills include, marketing to finding deals, financing, contract negotiations, construction management, design, analyzing deals, marketing a property to be sold and numerous other skills that will be required to overcome unforeseen obstacles along the way. There are tons of free resources online to get educated on the process and a good place to start is http://biggerpockets.com.
When it comes to flipping houses, the most important part of the process if cultivating your exit strategy. This will enable you to hedge your expectations and keep your emotions in check. It’s easy to get caught up in the hype and income potential, but thinking about your exit strategy will bring you back to reality. Working on your exit strategy will enable to think about both the best case scenario and the worst case scenario so that you are ready to handle any unforeseen circumstances. While its great when everything goes right, it’s even better to prepared when things go wrong. The last thing you wan to do is scramble around trying to figure things out on the fly. Plan ahead and proceed with confidence. This is one of the key principles to real estate investment success.
299 W 2nd Street has been under construction for about 8 weeks. There were some delays due to the permitting process, but the framing is almost complete. The property is an attached single family and includes approximately 1500 Sqft, three living levels, three bedrooms and 2.5 baths. The developer is also working on adding a parking space, but that is still in the works.
This is one of my favorite flips to date located at 66 Kingsdale St Dorchester. It went under agreement in under a week with multiple offers. Our goal was to blend old character with modern finishes and I feel we really executed our plan well on this one. If you or any one you know is looking to sell, my team and I are ready to buy anywhere in the Greater Boston area! 857-209-4450.
When it comes to flipping properties, one of the first things you want to look into after securing the deal, is the utility connections. This may sound odd, but many home that have been abandoned will require the new water, sewer, gas and electrical lines be installed from the street to the house. Obviously this is expected when you are dealing with new construction, but you should always confirm with the town or city when you are purchasing a distressed property.
Beware of Fake Real Estate Investors. These are the folks that go to a weekend seminar and think they are qualified to purchase your home and even say they’ll buy your house cash. While there are legitimate investors and buyers, most of the so called self proclaimed “cash buyers”‘ are fakers. Ask tough questions about their experience before you entertain their conversation.
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