Tips for House Flipping
URB Chicago’s tips for house flipping comes from our experience specializing in selling houses and properties for sale in Chicago’s southside and westside neighborhoods, we’ve seen and heard it all.
That is why we get so excited when house flipping companies in Chicago ask us for some advice when searching for real estate.
If you’re looking to make money, our tips for house flipping and properties for sale with no credit check financing are a good place to start.
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3 Tips for House Flipping in Chicago
Open up your mind
A fix and flip property sounds great when you are talking a little paint touch-up and maybe reframing a door. But, buying distressed property for sale in Chicago’s southside means you likely have a lot of competition.
So, open your mind up to financially responsible improvements and untapped markets. One recent testimonial really explains this well, when a house buyer wanted to buy a home to rehab in Sauk Village.
Her initial thoughts were to buy an as-is condition home as a fix and flip rental property. But, with wide doorways, lower counter space, and even a wheelchair-accessible ramp, we suggested rehabbing the home for the elderly – a relatively untapped rental market in the Chicago Area.
Not every home is suitable for unique or specific rentals or flipping houses for a profit with a twist, but many are, and house flipping companies in Chicago need to consider their buyers as much as the property they are buying.
Know your budget and assume the worst
It happens time and again that house flipping companies in Chicago buy a house and underestimate the cost to flip a house by $10,000+. Many times this is because of unexpected costs such as replacing a foundation, severe water leaks, or a wall that has rotted out.
Remember, you are buying a distressed Chicago home. That means your home may have the historic charm, but it has also seen the ebb and flow of Chicago’s scorching summers and blustery winters.
It is always best to assume the worst when it comes to rehabbing a home and have a plan when your budget goes over. A good initial inspection is key to ensure you know the status of a house’s foundation, roof, plumbing, electrical, and what is behind the paint.
When looking for a handyman special in Chicago it is always helpful to overestimate your rehab by at least 50% to protect you from the unexpected.
Set a timeline
House flipping companies in Chicago need to remember what work can be done when. For example, exterior work is probably not going to work out well in January or February.
So, if you don’t complete exterior work by November you will need to consider options to work on the interior through the winter months.
Additionally, it is important to consider the time you will be paying your monthly payments on houses, taxes, and other expenses while you rehab and wait for your Chicago house to sell. A timeline to rehab your Chicago distressed home, as well as sell it is important to manage your budget.
URB Chicago specializes in selling distressed, vacant, and foreclosed homes in Chicago’s southside and westside neighborhoods like Roseland, West Pullman, South Chicago, Back of the Yards and more.
We offer a contract for deed owner financed agreements that allow house flippers to put low money down and get affordable monthly payments that help you when flipping houses for a profit.