Five Reason -not- to Flip a House
Updated: Dec 20, 2018
On this episode of Nevada Real Estate Radio, Peter Padilla is joined by Ed "Scotty" Scott. He is here to talk about flipping houses, and why it's not always the way to go. Ed is a realtor and investment counselor with Ferrari-Lund Real Estate, His experience goes all the way back to 1976, with his first investment into real estate.
This is what Ed Scott has to say on flipping houses;
-It is incredibly easy to over-spend when furnishing a house to flip. Resulting in a smaller profit. Or even more spent out of your own pocket than you will get back.
-House-flipping television shows are edited, fully staffed, and set up from the start.
-The process is not easy, from the remodel to the final sale.
3). At the Mercy of the Market. .
-The market changes constantly.
-Most people have trouble tracking it, and will not have a full sale.
4). Rent Creates a Reliable Income.
-Instead of buying a house to re-sell, renting a property can be more rewarding and lucrative.
5). Timing is Everything.
-In the likely event that the house is finished, but no purchase is lined up, holding onto it is going to become expensive.
Peter and Ed also warn of using real estate websites to search for a new home. Many websites do not keep up-to-date information on houses, and in some cases have homes that are "available" but in reality are already sold or unavailable.
Want to contact Ed, or find out more about him? Visit his page.
Want to listen to this episode or others? Visit Peters Soundcloud page.