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Four Facts About West Coast Waterfront Homes You Need to Know Before Fixing and Flipping

by | Jan 11, 2019 | Blog

Flipping houses can be lucrative for savvy investors. This process usually involves a few steps, which include purchasing a property, renovating or restoring it and then reselling it at a profit. West Coast real estate properties typically come with a premium price tag. Flipping these houses requires close attention to the housing market and a keen awareness of the current prices for comparable properties. Waterfront properties are especially tricky because of the added value their location can provide. Here are four important considerations to keep in mind when flipping waterfront properties on the West Coast.

Learn to Bargain Shop

Even in the most exclusive neighborhoods and waterfront communities, bargains may still be available. However, you should be prepared to do plenty of renovations on homes that are well under the market value for their neighborhood. Also consider the fact that most homeowners have a clear idea of the value of their properties, especially if they are in relatively good shape. It is for this reason that finding the right waterfront properties for flipping requires plenty of time and research.

Look for Structural Issues

Especially for waterfront properties, settling or shifting of the ground surrounding the house and outbuildings can cause serious problems with foundations, structural supports and other elements of the home. If you do not personally have the expertise to identify these issues, it is essential to enlist the help of a trusted inspection company to determine if structural problems are present in the property you are considering. For a relatively small fee, you can identify properties that will cost more to repair than they may be worth.

Consider Your Profit Margins

Making sure you can flip a property for a profit is essential at every level of the real estate investment process. For high-end properties and waterfront homes, however, the stakes are much higher. Taking a comprehensive approach to evaluating your project can help you compare the cost of necessary repairs and updates with the proposed selling price of your property.

Be sure to also account for the time needed to sell the property. More expensive waterfront homes may take longer to sell at the price you need for you to make a profit. Figuring this added time and expense into your calculations can help you gauge the value of your potential investments.

Find the Right Financing

The right financing options can make or break your West Coast real estate investment operations. Traditional banks and lending institutions may be unwilling to take on the added risks involved in flipping houses in the current financial market. Working with an alternative lender, like ReProp Financial, can provide you with added financing options that suit your schedule and your needs. This can help you deal with cash flow issues while allowing you to achieve greater profitability in the real estate marketplace.

Find the Right Financing

The right financing options can make or break your West Coast real estate investment operations. Traditional banks and lending institutions may be unwilling to take on the added risks involved in flipping houses in the current financial market. Working with an alternative lender, like ReProp Financial, can provide you with added financing options that suit your schedule and your needs. This can help you deal with cash flow issues while allowing you to achieve greater profitability in the real estate marketplace.

Home prices are on the rise throughout the real estate marketplace. If you are interested in flipping waterfront properties in the West Coast area, these four strategies can help you make the most positive decisions for profitability in this high-end area.
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