Michael Candelario Suggests Paying Attention to These Factors When Buying a House to Flip
Buying and flipping houses has become a popular career. Now, house flipping expert Michael Candelario, Arizona resident is going to share some insights.
Considering buying an investment property that you can fix up and then flip? While flipping homes takes a lot of work, you may be able to collect substantial profits. Michael Candelario has successfully flipped several homes, and now he’s going to share some insights.
“First, don’t think of house-flipping as an easy way to get rich,” Michael Candelario, Arizona resident says. “You can definitely make money flipping homes, but you have to be prepared to put in the work. If you don’t understand real estate markets, don’t like getting your hands dirty, house flipping might not be for you.”
Many people still remember the housing bubble that popped in 2008. Real estate prices had soared too high and many properties were simply overvalued. Now, some people are worried that real estate markets are overvalued now too.
“No one can tell you for certain that a given market is or is not overvalued,” Michael Candelario says. “Right now, property prices are high in cities that have enjoyed population growth. Land is limited, demand is increasing, so prices will rise. On top of that, aggressive government stimulus may be increasing the money supply, which can spur inflation, in turn making real estate more attractive.”
In other words, there are logical reasons for land and properties to gain value. This doesn’t completely eliminate the risk of a property bubble, but it should reassure investors to know that price increases aren’t arbitrary. Still, any investment carries risks.
Confident in markets? Want to invest in property? Michael Candelario, Arizona, has some specific suggestions.
Michael Candelario Urges You To Pay Attention To These Factors When Finding Homes
You can make a lot of money by flipping homes. Still, you need to buy the right properties if you’re going to turn a profit. When it comes to investing, you want to buy low and sell high. That’s just as true for homes as it is for stocks.
So what things can impact property prices and the upside potential for a particular home? Let’s see what Michael Candelario has to say.
“Location, location, location,” Michael Candelario from Arizona says. “There’s a reason that’s such a common phrase. One important thing with location that some investors forget is the local school district. Parents will spend more on a home located in a great school district.”
Many people flipping homes end up finding houses that need a lot of tender, loving care. Since the homes are often in poor condition, they’re cheap. But if you have the right skills, you can fix them up on the cheap too.
“Buying fixer-uppers is smart if you’ve got the skills to fix homes yourself,” Michael Candelario suggests. “Still, you need to make sure the repairs are doable. Termite damage, rotting wood frames, water damage, even pros struggle to fix these things. The house may be beyond repair.”
And if repairs prove costly, the home you bought to flip may turn into a money pit rather than a wise investment.