Rockland County, New York, has a whirlwind of potential for real estate investment. Fueled by the fact that New York ranks as the 4th most vacant state, opportunities abound to buy excellent property.
Profiting off the ample availability of properties is a tangible reality. With the right knowledge and guidance, real estate flipping in NY can be a prosperous venture, even as a beginner. Here are five proven tips to make your experience in flipping houses successful.
1. Assemble Your Home Flipping Team
In the world of real estate flipping, you're not an island. You need a network of experts who ensure your project achieves great results.
Start by putting together your flipping team. Specialists you'll need could include house inspectors, property managers, contractors, plumbers, and electricians. This A-team will help your flip meet the standards for quality and safety.
2. Understand the Real Estate Market
New York's real estate industry is dynamic. Despite year-over-year fluctuations in median listing home prices, the market has seen a distinct increase. For example, home prices increased by over 4% on a year-to-year basis.
Armed with an understanding of the real estate market, you're set to pick prime properties. Pay attention to the property's location. How accessible are schools, transportation, and employment corridors?
3. Learn About Loans
One key area to explore in property investing is a home equity loan. If you're lucky to have equity in assets with value, this choice might suit you.
Other options could include traditional bank loans, private financing, or hard money lenders that offer quick funding. Your friends and family should be your last-resort financiers to protect your relationships.
4. Find Properties Worth Flipping
A property is worth flipping if its after-repair value, minus purchase and renovation costs, promises a large profit. Consider paying finder's fees to realtors and house hunters if they find you a property. This will help you explore off-market deals.
Focus on properties that need minimal repairs. These properties must also have the potential for high resale profits due to their location and amenities.
5. Plan to Repair and Renovate
Keep your renovations in line with competing homes in your area. This avoids over-improvements that might tarnish your property's worth or rental valuation.
Always prioritize necessary repairs that enhance the home's value over aesthetic ones. For example, a key upgrade is an electric heat system. This not only improves efficiency but also shows a commitment to green living, which many buyers value.
Implementing long-lasting options like vinyl, fiber cement, or stucco siding can also raise the property's value. In contrast, adding a small garden might not help boost the selling price.
Achieving Success in Real Estate Flipping
Real estate flipping in Rockland County, New York, can be profitable when done right. With a perfect blend of the right team, market know-how, financing, and smart renovations, you can maximize your profits.
If you feel inspired and ready to take on house flipping in New York, contact PMI Properties to help sell your assets! With over twenty years in real estate asset management, we can help you find the right property, manage it for you, and sell it when the time is right.
