Keri Nettles: How to Flip A House
House flipping is the hottest real estate trend on the market at the moment, but Keri Nettles wants you to be aware of a few things before investing your money.
Ocean Springs, Mississippi, USA, December 28, 2018,/EbizNewswire.com/ — As a lot of people are aware of today – there’s big money in house flipping. Not sure what that is? According to Keri Nettles, a real estate agent with years of experience under her belt, house flipping is the process of buying an old, slightly disheveled house and renovating it with the intent to sell it for a profit. On the surface, it sounds like a pretty easy pay day, but the truth is that house flipping is a lot more complicated that it appears on the surface. Deadlines, renovation complications and local laws are just some of the hurdles that house flippers have to overcome if they want to put some money in their pocket. But it’s not impossible. Below, with the help of Keri Nettles, we’ll take a look at some things to keep in mind when flipping houses.
If possible, always buy the house in cash
Keri Nettles says that one of the biggest expenses that house flippers incur is paying interest one the loans and mortgages that they have to take out in order to finance their house purchase. These loans, due to their short term nature, can incur a ten percent (or higher) interest rate. Because of that, it makes sense to pay for the house you intend to buy in cash. This negates the need to take out a loan and the costly interest rates that come with it. Of course, not everyone has the finances to finance such an operation, but if it is within your means, then definitely do it.
Make a budget and stick to it
Budgets are extremely important when house flipping; not only once you own the house but before you’ve even purchased it. You should know your price range and how much you’re willing to spend on renovations and repairs. These costs can quickly spiral out of control if left unchecked and if not kept under a close watch, so it’s important to try and stick to your budget at all costs. Of course, there will always be instances of unanticipated costs that sneak into any house
flip, but the aim of the game is to keep them to a minimum in order to keep your profits to the maximum.
Seek advice from a real estate expert
“No one knows the market better than a real estate agent.” Keri Nettles says. “It’s important to speak consult one before you buy or flip a house.” Their knowledge could be the information that makes or breaks a deal, or the difference between breaking even or making a profit.