Buying, renovating and selling a house for profit, known as house flipping, is the latest buzzword in real estate. There is no magical formula to ensure success at flipping foreclosure houses. However, there are essential tips to help investors earn more money.

1. Do not get emotional about house flipping.

It is after all a business. If the numbers do not work, proceed to the next property. Some investors commit the mistake of being too attached to the flip that they sell at a high price and end up holding the flip longer thus reducing profit.

2. First impressions count.

Pay attention not just to the inside of the house but the outside as well. You cannot show off all the upgrades done inside the house if potential buyers are turned off by the outside appearance of the house and its surroundings.

3. Personal tastes are a no-no in a flipped property.

Your flip needs to be attractive to buyers, not you. You should define who your target buyer is and what is his/her preferences. Color is a vital part of flipping houses. Stick to neutral colors especially when it comes to painting and laying the carpet.

4. Spruce up the kitchens and the bathrooms.

They will noticeably increase the price of a house. But be sure that fixtures and appliances match the target price range. If the kitchen and bathrooms look clean, sleek and updated, the house will sell faster and for a higher profit.

5. In house flipping, time is money.

After making a detailed list of renovations to be done, come up with a timeline. A timeline is an important way to let contractors know when the next group of workers needs to be in a specific part of the house. One rule of thumb is to work from top to bottom and tackle the big work projects first.

6. Hire a good contractor.

You cannot be at the job site all the time. This is where the contractor comes in handy. He can keep a close watch on your time line and also the part of the budget that is his responsibility. He can keep track of problems and readily find solutions. The easiest way to find a good contractor is through the Vestus partner network.

7. Be ready for paperwork.

There are loads of paperwork that accompany house flipping. The most important paperwork you will have to attend to are permits. It takes time to obtain permits so you need to apply for them before work begins. Not having the necessary permits can cause work stoppage and this cost money. Contracts and receipts are doubly important. Be sure to keep them. You also need to obtain insurance coverage not only on the property but the workers as well.

8. Keep track of your progress.

Throughout the entire house flipping process, you have to constantly monitor your progress. That way, you will know at any given time where you stand on the project. This will help you keep focused. Time is of the essence in house flipping.

9. Start small or simply, and then work your way up.

Your first house flipping project should only entail cosmetic work. You may not get a huge return on your investment but you will surely learn valuable lessons and develop experience. 

10. As with any business venture, expect the unexpected.

You will certainly encounter something that you simply did not expect. It may be a problem that appears hours before the transfer of ownership. You will almost always run at least a little over budget or hold the flip a little longer than expected.

Bottom line, our team at Vestus is always there to work with you every step of the way to ensure a successful project. We will point out ways to improve your process, save money, help with marketing, etc,.

Prices are at an All Time Low

One of the biggest barriers for first time buyers to buy in a premium neighborhood is simply a price that is out of range. One of those markets that has been historically hard for first time buyers to enter is Kirkland, WA. Now the price barrier has been considerably lowered and many deals can be found by searching through foreclosure properties in Kirkland.

With many foreclosure properties available for $0.90 to $0.60 on the dollar, the ability to buy in Kirkland is now feasible for first time buyers. Prices, in both the retail market and the bank auctions, have been showing strong support throughout the summer. 

Many buyers are sensing that now is the time to take advantage of low pricing before the trend starts to rise and a coming fresh demand will only serve to bolster prices and values.


Find an Amazing Deal in Days and Have Little to No Competition

If you happen to be working with the right real estate broker… one who is experienced with bank auctions, then finding a foreclosure property to buy in Kirkland will not be hard. Working with a team like Vestus will put all the data on foreclosures at your fingertips and you will be able to sift through every opportunity in a matter of hours.

Once you have established which few properties going to auction best fit your criteria, a little deeper digging into the details will show you which will be the best picks, and the next step is to go to an auction.

So few buyers and investors ever take this step that compared to the normal real estate market where properties are listed on the MLS, you will experience very little competition. Many fantastic properties come to auction and are simply not purchased because there wasn’t a buyer available.


Mortgage Rates Are At Rock Bottom

Rates are the lowest that many mortgage brokers have ever seen. Just pick up the phone and call any three mortgage brokers and ask them. All three will tell you the exact same thing.

Low rates spell opportunity for buyers. Saving tens of thousands of dollars over the lifetime of a mortgage is creating demand amongst buyers which is starting to bolster markets.  Coupling low mortgage rates with the savings found in foreclosure properties right now is creating perfect “deals of the decade” every single week for small numbers of buyers who are simply in the know.

You owe it to yourself to explore the opportunity and see what you can qualify for with a mortgage rate and also how you might be able to purchase a bank owned property at the auction.

Prices Have Nearly Hit Bottom

Kirkland bank owned properties are providing a big opportunity to buyers and investors because alike as prices start to nearly hit bottom. While there is a supply of inventory coming from the banks, there is also rapidly growing buyer demand.

The Kirkland area is historically one of the strongest markets in the Washington state for maintaining property values with a beautiful waterfront downtown community, great school districts, homes that still actually have yards, and you would find yourself only 10 minutes away from either a bustling downtown Bellevue or the serenity of nature trail for a hike.

The current low of home prices in Kirkland are now meeting strong support from buyers who are attracted to the above mentioned qualities and have maintained price support throughout the summer. The best priced opportunities are to be found in looking for bank owned properties which are usually selling for $0.80 to $0.65 on the dollar and will create the most equity for a buyer.

Mortgage Rates Won’t Go Any Lower

One of the most important factors in trying to purchase a property, whether you are buying a home or an investment, is factoring in the cost of your mortgage. With mortgage rates at an all time low, they are likely to meet strong support and start rising again.

The market has started to see fresh support with new demand from buyers who are sensing opportunity and want to take advantage of it before rates rise.

Locking in a mortgage rate at current lows will save tens of thousands of dollars over the lifetime of the loan. Being able to couple those savings along with the financial opportunity in buying bank owned properties creates a strong win for any buyer.

 
It’s a Buyer’s Market

Going off of the last point, right now is one of the strongest buyers markets that we have seen yet. Many of the properties on the market have been listed for long periods of time which has created pools of motivated sellers.

For many sellers, who bought at the height of the market, the ability to cover the cost of living isn’t a reality anymore and they are extremely motivated to work with any serious offer… if not in some cases desperate and would even split costs at closing.

Stronger yet are the opportunities in looking through bank owned properties which are already past a lengthy and complicated short sale process. Working with an experienced bank auction broker, like us at Vestus, is the key to picking the right property and developing a smart financial strategy.

Lowest Prices for Kirkland Condos In Years

Looking over a 10 year price chart, Kirkland condos haven’t been this low in years… and that’s just the condos listed on the MLS that are not distressed. Bank owned condos in Kirkland are selling at prices that are creating instant equity for buyers.

Being able to purchase a condo with full Lake Washington water view and downtown Kirkland view for only around $300,000.00 is a reality. Just a few weeks ago, a condo just like that, above the Ben and Jerry’s in downtown Kirkland went for under $350,000.00.

When similar condos are not listed for anything less than $450,000.00, bank owned condos are presenting a huge opportunity every week at the auctions for small numbers of buyers. The best part is you don’t have to be an investor with hundreds of thousands dollars to invest… the opportunity is available for even first time buyers.


Lowest Prices in a Historically Strong Market

Sharply lowered condo prices usually scare many people away simply because historically it takes a while for condo prices to recover… but Kirkland is historically one of the strongest markets for condos in Washington state.

One of the main reasons is the limited amount of building permits for building condo buildings due to zoning and neighborhood committees… this creates a scarcity of condos compared to markets like downtown Seattle.

What this means is that low prices are quickest to rise again for Kirkland condos, compared to most other condo markets in Washington.  In a market that is minutes from the bustle of nightlife in Bellevue and from the adventure of nature trails… while surrounded by Lake Washington and beautiful forests… bank owned condos are providing a window of opportunity that is being realized by smart buyers.


Strong Demand for Kirkland Condo Rentals

Condo rentals in Kirkland have some of the lowest vacancy rates of condo rentals across the entire state of Washington. As described above, the community in Kirkland is perfect for everyone from singles to families with kids.

Owning a condo that is located in a market that has great school districts and great entertainment while surrounded by beautiful scenery makes it a top pick for buyers and renters alike. Also, new hiring by Microsoft, Google, and Amazon… all only minutes away, is bringing a strong influx of new residents and many of whom prefer to rent.

They can afford to pay premium rents and refuse to settle for anything less than quality of life… making Kirkland one of the top picks. Whether you choose to live in a condo or rent it out… either way you will be positioning yourself for a great return on your investment.

Amazing Homes Are to Be Had at the Kirkland Foreclosure Auction

Many agents will avoid looking for foreclosure homes simply because the process to the inexperienced can be complicated. For a real estate agent who needs to earn a commission to pay the bills, trying to find a foreclosure for a buyer when they aren’t sure of the process doesn’t make for an attractive option.

A popular myth is that buying a foreclosure home will mean you end up with a very damaged property that will require tens of thousands of dollars in renovation. This simply is not true. Completely not true.

Every week, our team at Vestus filters all foreclosure homes down to our top 30 picks and of those, only few require anything more than “lipstick” to make livable.

Perfectly great homes are available every single week at bank auctions.


You Need to Work Only With Brokers Who Have Specialized Experience and Knowledge

If you decide that you want to explore the opportunities found in foreclosure homes, then you must work with a real estate broker who is experienced in helping buyers find and purchase foreclosures.

The process for buying a foreclosure is different from buying a regular home… and you need someone who can explain all the details to you, protect you from making a costly mistake, and help you create the right financial strategy to make sure you come out ahead.

Not to brag, but our team at Vestus has over 9 years of experience and we have helped buyers and investors purchase over 5,000 foreclosures at bank auctions. We have seen all the mistakes that could be possibly made, and have a system and process in place that works.

The smartest real estate agents automatically refer their clients to us when they know foreclosures are specifically their criteria.

You owe it to yourself to explore what kind of opportunities exist with purchasing a foreclosure home.


You Can Find “Your Perfect Deal” in Only Days and Have Very Little Competition

While searching the MLS and regular market with a real estate broker who is limited to what other brokers are listing can mean it will take you weeks and weeks if not months of searching for the perfect deal…

Working with Vestus means you will have the all the data of every single foreclosure home going to auction and will be able to sift through everything within your desired geography in minutes. Know what your top 10-15 picks are in a couple hours. Conduct an analysis with our team at Vestus within a couple days. And know what your best deals are to target that week without any doubts.

Very few buyers take advantage of this opportunity and our buyers have very little competition at the auction. Often time we see fantastic deals simply not even be bid on because there weren’t any buyers.

Prices Have Nearly Hit Bottom

Bellevue bank owned properties are providing a big opportunity to buyers and investors because alike as prices start to nearly hit bottom. While there is a supply of inventory coming from the banks, there is also rapidly growing buyer demand.

The Bellevue area is historically one of the strongest markets in the Washington state for maintaining property values with a vibrant downtown community, great school districts, homes that still actually have yards, and you would find yourself only 10 minutes away from either a bustling downtown Bellevue or the serenity of nature trail for a hike.

The current low of home prices in Bellevue are now meeting strong support from buyers who are attracted to the above mentioned qualities and have maintained price support throughout the summer. The best priced opportunities are to be found in looking for bank owned properties which are usually selling for $0.80 to $0.65 on the dollar and will create the most equity for a buyer.

Mortgage Rates Won’t Go Any Lower

One of the most important factors in trying to purchase a property, whether you are buying a home or an investment, is factoring in the cost of your mortgage. With mortgage rates at an all time low, they are likely to meet strong support and start rising again.

The market has started to see fresh support with new demand from buyers who are sensing opportunity and want to take advantage of it before rates rise.

Locking in a mortgage rate at current lows will save tens of thousands of dollars over the lifetime of the loan. Being able to couple those savings along with the financial opportunity in buying bank owned properties creates a strong win for any buyer.

 
It’s a Buyer’s Market

Going off of the last point, right now is one of the strongest buyers markets that we have seen yet. Many of the properties on the market have been listed for long periods of time which has created pools of motivated sellers.

For many sellers, who bought at the height of the market, the ability to cover the cost of living isn’t a reality anymore and they are extremely motivated to work with any serious offer… if not in some cases desperate and would even split costs at closing.

Stronger yet are the opportunities in looking through bank owned properties which are already past a lengthy and complicated short sale process. Working with an experienced bank auction broker, like us at Vestus, is the key to picking the right property and developing a smart financial strategy.