Need guidance for house flipping

[Aqsa Mughees]

[Bhargav Hirapara]

Look for properties priced at least 20-30% below market value to account for renovation costs and profit margin. Foreclosures, short sales, and off-market deals can provide these opportunities.

Target up-and-coming neighborhoods with increasing home values rather than already hot areas.

Research comparable recent sales and get an inspection to accurately estimate the after-repair value (ARV) before making an offer.

Follow the 70% rule - the purchase price plus renovations should not exceed 70% of the ARV to leave room for profits after selling costs.

Focus renovations on maximizing returns - kitchens, bathrooms, curb appeal rather than over-improving.

Hire experienced contractors and have a project manager oversee work to keep things on schedule.

Price the renovated home at or just slightly below comparable recent sales to facilitate a quick sale.