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If You See These 3 Things When Buying A Flip Run
From all of the shows that are on TV about people flipping houses and making ludicrous profits, it may seem that flipping can be an easy way to make money on the side. However, contrary to how these shows make flipping appear, it is an arduous process filled with a rollercoaster of emotions along the way.
As a buyer of a potential flip, you need to ensure that you do a meticulous inspection when previewing the property prior to purchase. When a buyer does the initial walkthrough in a home, there are red flags that will pop up, and all you have to do is look around to spot them!
Read on to learn more about what you should look out for in the home.
Curb appeal is everything. It's the first thing you see when you drive up to a house. During the first walk around of the outside of the home, be sure to check if there are any cracks in the foundation. This can be a sign of trouble to come and if not inspected and taken care of properly, it can lead to a buyer not being able to resell the property because it loses its value overtime.
Be sure to have an engineer come and certify the property is structurally sound. A slanting floor can also be a telltale sign of foundational issues. However, some slants, if not major, can be remedied easily and won't take up a big chunk of your budget. Also, a roof can be a costly repair, so ensure a roofer inspects it to make sure it will pass inspection when under contract.
Plumbing and Water Damage Issues
Most plumbing and water damage is easily overlooked, however, if repairs are needed, these can eat up a significant portion of your flipping budget. To avoid plumbing and water damage, check for spots on the walls that look discolored and feel the walls to see if they’re soft or mushy. If you see any of these issues, call an inspector immediately to check if there is any invisible further damage. These projects are not only expensive to fix, but can also be extremely time consuming as well.
Recurring Toxin Issues
Upon the initial walkthrough, you will be able to see signs of any toxin issues. Toxin issues can be anything from old houses containing asbestos particles in the walls, mold growing on the walls from water damage or flooding, to a vermin issue. All of these pose serious threats to a buyer because correcting them is expensive. Vermin issues can be extremely destructive both externally and internally and can include animals from mice to rats to termites.
Overall, these main concerns are ones you can spot easily, so be sure to look long and hard at a property before investing and taking on a huge financial undertaking. It really is all about the inspections when it comes to property flipping. Please feel free contact me with any questions you may have and I’d be happy to help!
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