As I was reading the various news and blogs I follow today to stay on top of the what is happening in Atlanta, I read an article that was a great reminder about good business sense. The answer to the question above is “yes,” which is why this article drew my attention.
Sometimes people forget about good business sense when they dream of dollar signs too quickly. The article was on atlanta.curbed and it was about house flipping.
Now most of you probably know you should not rush into house flipping or think you are going to become an overnight millionaire, but with the foreclosures and bank-owned properties that are still out there it can be really tempting. There are some real drawbacks to house flipping, but there are also some positives, if you keep things in perspective and follow some guidelines you may be able to put a little extra cash in your pocket.
So if you have been contemplating doing some house flipping to make some extra cash, to put towards a new home of your own, this is a great article to read. Enjoy!
From curbed.atlanta.com; March 11, 2013
House flipping is kind of like taking beautiful photographs — plenty of people think they can do it, but reality says otherwise … Instagram be damned. It’s become part of the national lexicon, in part due to reality TV, late night informercials and a housing crash that came down hard even on those living under rocks. Flipping’s main objective is simple enough: buy low, sell high. With the flood of foreclosures that’s inundated the Atlanta market, you’d think deals would be a dime a dozen. Well, not so fast.
First, let’s look at the basics:
Home equity is the difference between the outstanding mortgage balance and the fair market value of the property, and house flipping is predicated on the idea of cashing in on that number going in the right direction. But, there’s always plenty of factors in play that could keep that lovely scenario from coming to fruition, especially for novice flippers.
Let’s start at the very beginning: the property search.
Continue reading the article here.
If you are ready to look for a home, check listings in your area on the Atlatna Fine Homes’ website or give our team a call!