The trend of house-flipping has been on the rise in recent years, making it a credible form of investment. However, getting into the business can be quite overwhelming. That being said, we sat down with Hard Money Bankers to get their best tips for flippers in the Washington DC area.
Hard Money Bankers is a full-service and self-funded lending company that provides fast and flexible financial support for personal and commercial real estate investing. They are based in Maryland but also offer their services to Washington DC, Delaware, Pennsylvania, Virginia, and New Jersey.
Find the Right Property
It should go without being said that certain properties do better than others. It is smart to do some research about the property you’re looking to fit. Where in D.C. is it located? What’s nearby? What is the school district like? Is it in a touristic center?
We always recommend you ask yourself these questions before settling on a property. Having a clear idea of the property you are flipping will not only help you market the property but will give you an insight on the type of clients you will be dealing with.
Consider Your Renovations
When thinking about the type of renovations you are going to make, it’s important to keep in mind what district you’re in. Each district in Washington D.C. attracts a different type of customer.
Also, some neighborhoods in Washington D.C. are more traditional than others. You don’t want your property to be the sore thumb amongst the bunch, so take a look around before you set on renovation plans.
Keep a Timeline in Mind
Homes in Washington D.C. sit on the market for an average of 64 days. According to Clever Real Estate, it takes about 180 days to flip a house. It might be smart to form a structured timeline about both the purchasing and renovation process – you don’t want unexpected issues to arise, thus purchasing of your property.
Don’t Be Afraid to Ask for Help
If this is your first time flipping in Washington D.C., it might be smart to consult a local real estate agent. They often know secrets about their specific region that will help you better list your home.
Going into a property flip without knowing exactly what underlying problems could arise or what the local market is like could cost you a lot of time and money.
Read Next: Washington DC Hard Money Lenders: How HMB Provides Fast and Flexible Financing for Residential Real Estate
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