Are You a House Flipper? Douglas Gerard Kleinsmith Wants You to Know It is Still Possible to Flip Homes.
MINNEAPOLIS, MINNESOTA, UNITED STATES, July 23, 2021 /EINPresswire.com/ — Douglas Gerard Kleinsmith, a professional marketer with experience renovating and flipping homes, says that one of the worries that fellow home flippers have in a hot market is whether it is possible to flip homes. After all, in a hot real estate market, home prices increase, which ultimately can make it harder to find affordable homes to flip. While it may be more challenging to flip homes in a harder market, there is still money to be made.
Douglas Gerard Kleinsmith Explains the Changes to the Flipping Market
Douglas Gerard Kleinsmith says that one of the biggest changes that house flippers need to be aware of in this hot real estate market is reduced profits. While flipping houses and make a profit is still completely doable, those who are still making profits are reporting a lower profit percentage compared to years past. This is for two primary reasons. First, houses cost more to purchase, and secondly, materials and contractors are a little harder to find thanks to COVID-19 slowdowns, and as such, they can also cost more. As such, your costs on a flip may be higher, which ultimately can eat away at some of your profits. You need to keep this in mind when pricing out a home and determining if there is enough profit to flip it.
Douglas Gerard Kleinsmith Lists Common Mistakes to Avoid
Douglas Gerard Kleinsmith says that one of the most common mistakes flippers are making right now is sitting on a home. As a flipper, you want to turn a home over as quickly as possible to maximize your profits. Since remodeling materials are harder to come by, some flippers are sitting on their homes and waiting for materials to come in. Instead, you should be working with local vendors, using materials that they have available to go. Another common mistake is not staying on top of local real estate prices. Prices are literally changing from week to week, so you need to know what the prices are in your area.
Douglas Gerard Kleinsmith Gives Advice On Flipping in a Hot Market
Douglas Gerard Kleinsmith says that one of the best tips for flipping houses in a hot market is to stay on top of your marketing game. Finding houses for sale before they hit the open real estate market can save you tons of cash, as many homes are going into bidding wars. Send out mailers or flyers offering to buy homes quickly. If you need financing, have your financing all set up and ready to go, so once you find a home, you can move quickly.
Douglas Gerard Kleinsmith wants fellow house flippers to know that it is still possible to flip homes, even in a booming real estate market. However, you may find that you have to work harder to find homes and you may have fewer profits than before. It is important to still take the time to avoid common mistakes that can eat away at your profit and to always keep your eyes open for a great investment opportunity. This will help you continue to be lucrative in the house remodeling and flipping business.
Douglas Gerard Kleinsmith Knows Flipping Homes is Harder With Real Estate Prices Booming, But It is Still Possible
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Source: EIN Presswire