The Flip Side Of Flipping
Some Say There Are Deals To Be Had, But You Have To Know What You're Doing
Is now a good time to buy investment properties for flipping?
Opinions vary widely. Real estate agents say buy-and-hold is a smarter strategy, but some flippers say there are great deals to be had with so many short sales and foreclosures on the market.
In the past three years, Phil Zimbardi has bought seven properties in New Haven County and successfully rehabbed and sold them at a profit.
"The key is to be in and out in four or five months," said Zimbardi, who runs the rehabhousesinct.com website and is a real estate agent specializing in foreclosures. "It's a full-time job with a good income."
For example, Zimbardi might buy a wreck of a 1,200-square-foot home in East Haven for about $100,000. He'd spend about $40,000 to renovate, including a new roof, kitchen, bath, furnace, light landscaping, siding, paint, carpet, windows and doors. Zimbardi typically hires a contractor to do all repairs, then puts the house on the market at slightly less than the comparable houses on the street, for instance about $200,000. After other costs are subtracted, he would earn about $33,000 in profit.
Opinions vary widely. Real estate agents say buy-and-hold is a smarter strategy, but some flippers say there are great deals to be had with so many short sales and foreclosures on the market.
In the past three years, Phil Zimbardi has bought seven properties in New Haven County and successfully rehabbed and sold them at a profit.
"The key is to be in and out in four or five months," said Zimbardi, who runs the rehabhousesinct.com website and is a real estate agent specializing in foreclosures. "It's a full-time job with a good income."
For example, Zimbardi might buy a wreck of a 1,200-square-foot home in East Haven for about $100,000. He'd spend about $40,000 to renovate, including a new roof, kitchen, bath, furnace, light landscaping, siding, paint, carpet, windows and doors. Zimbardi typically hires a contractor to do all repairs, then puts the house on the market at slightly less than the comparable houses on the street, for instance about $200,000. After other costs are subtracted, he would earn about $33,000 in profit.
For more, visit: The Flip Side of Flipping
