The importance of doing your homework before you purchase a home for a flip is crucial in making. Profit. I spent about two months looking for this home there are a lot of things I was looking for in it that had to be just right for me to make a profit that I thought I wanted to make on it. Flipping homes isn’t for the faint at heart, it’s risky and so maximum profit makes the work seem worth it. If you buy a home and even the one that you currently residing in you can take ownership of the home through a website called Zillow.com and you can sign in and update the Home and what it’ll do is spider itself out through the web and pull up a value from recently sold homes in the area. So before I bought this one I did a market analysis on it to make sure that I had the value that I wanted to have and there was one home that was just sold for a little over $100,000 its down the road and it was a three bedroom one bath home so I knew this home was going to value at least $100,000 if not more like 115 or 120 and there’s another home that’s for sale right now for 125,000 It isn’t near as nice as mine is going to be there isn’t even a garage on it it’s three bedrooms and it needs updated badly it does have 2 acres but it’s kind of on hillside in the back and it’s a hillside so to me land that’s not usable has no value: I checked the home value of my home about once a week on Zillow to see if it’s spidered out yet to give me a more updated value. Prior to me buying the home the value was about $31,000 and as you can see in the screenshot I paid 32525 for it obviously theres expenses for the home and bringing it to the state I needed to be at to get the 120. So even if it sold for the $87,000 and factoring in my expenses to bring it today it’s still a nice fair sum to make for a couple of months of a giant headache. and when I say giant headache I’m not kidding you it’s a giant headache in every aspect of the word headache you can possibly imagine. I figure really no matter what we do in life has a little bit of a risk element to it, a little bit of a headache to it, little bit of work to it so why not do something fun that you like to do . Kind of exciting because I looked at the Home and I have one person who saved the home and I know who it is because I already listed the home on craigslist with an anticipated sale date and I already have somebody interested he’s been watching it and texting me about it.
The home was originally listed as three bedrooms as you can see in the screenshot it now says four bedrooms two baths because were adding another bedroom and updating another bathroom so when it spiders out I wanted it to spider out accurately so I just input my updates that are soon to be and I’ll add all the photos when we’re done on this site . So being able to anticipate what a future value could be before you buy it is kind of really important in this venture .
I spent the majority of my life wasting my time talking to people about stupid stuff on the telephone, worrying about things I couldn’t change, and helping people that just really didn’t appreciate the help and I wasted all these years when I could’ve been doing something for myself instead of everybody else and not only did I take ownership of the house on Zillow I also took ownership of my life!!