Copycat Flipper - Makes Fortune
The title is the solution to it's own suggestive statement. Many times I receive calls from flippers that are deciding on what they are going to be doing to a property. Sometimes they are deciding to change layouts and add personal touches to a property. The only way that this kind of decision making is at an acceptable level of risk is when it is exactly what the strongest comparable sale in the area did. When a top level flipper sold a property for the top of the market and it is considered a good comparable to yours, you want to repeat exactly what they did. If you can get in the house before it goes to closing, DO IT. You want to replicate the finishes, the layout and everything else possible. You will want to look at this as your best gauge as to what this product will sell for on the market. Anything that does not resemble this particular comparable sale is then bringing in the risk factor. If you decide to go ahead and paint all of the walls green because YOU like the the color, but the comparable property has white walls, you are adding a level of risk to your project. We never want to gamble so think of the end buyer on the market and what they paid for the strong comparable property. This is not a hobby so make sure you are treating your money making venture as just that. Reduce risk and spread margins. Looking at a project from this particular perspective is able to do both of those things.
Ian Walsh
215.839.3271
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