Home Inspections for House-Flipping
While national statistics indicate a sharp decline in home sales and property values, people are stilling buying. Real estate is far from dead. In fact, it is not even stagnating. It is just different and, if you can adapt quickly, you can make a killing. With a modest investment, you can buy a few foreclosure properties, “flip” the houses, and sell them at a fair profit. This is a particularly good option for those of you with a background as a real estate agent because you know, instinctively, what people are looking for. Nevertheless, it’s an investment strategy that can work for anyone, provided the financier uses good judgment.
“House-flipping” has been around since the turn of the century and has become a well-respected form of investment, often offering large returns in a relatively short period of time. Even without extensive experience in construction, an investor can still turn a profit by purchasing properties while the housing market is slumping and selling when the market picks up. In fact, many Baby Boomers are doing just this – generating a relatively passive income for retirement in the process. Still, house-flipping is not entirely fool-proof. Sometimes a property just won’t sell, despite the owner’s most earnest efforts to generate interest.
A much safer strategy for a boomer financier is to buy a foreclosure, flip it, and rent it out. Some choose to purchase the property through a mortgage loan, setting the rent at a rate that will cover the mortgage payment with enough left over to pad their savings or provide an additional income stream. This is a great option for those unwilling to put up a significant amount of capital. Unfortunately, if the tenant stops paying, the property owner has a mortgage payment to make. Not sure where to get started? A home inspection should be your first step once you have found a good investment property.
To a lot of people, hiring an Atlanta home inspector seems like a big waste of money. They read a few books, search the internet for informative articles, or talk to friends they believe are ‘in the know’ and wholeheartedly believe that they can spot every potential problem before they buy the home of their dreams. Home inspectors have the experience to spot hard to notice problems and know which problems the climate in your geographical area is likely to cause. For peace of mind, leave it to the professionals.