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4 Dangers In Flipping Real Estate
If you have recently purchased some real estate for investment purposes, you are in good company. Recent reports suggest that as many as 25% of these purchases are made by those who plan on using the property for investment purposes only. If you hope to "flip" the property there are 4 things you must be aware of that can put a crimp on your profits. 1. Property Taxes. Keep the property for a few years and you may experience a surge in property taxes especially if your taxes are reevaluated during that time. Some hot real estate markets have seen taxes nearly double in just 5 or 6 years. 2. Renovation Expenses. You may have purchased a "fixer upper" at a bargain rate. Once your project is complete will you be able to recover the expenses and make a profit especially if the value of your renovated property is above those in your neighborhood? In addition, can you withstand a correction in real estate values? 3. Insurance and Mortgage Costs. You will pay more for homeowners insurance if you do not occupy the residence and you have tenants. If you are financing the property you know that your mortgage rate is higher as well. 4. Rental Pressures. A market saturated with rentals will mean that the rents you can charge will be less than what you had hoped to receive. In some markets you are required to get special licensing in order to be a landlord. In other markets the legal rights of tenants mean you could have a lengthy and expensive battle in ridding yourself of a bad tenant. Will the lower income levels coupled with the added expenses drag your investment down? Of course, you can limit your risks [and costs] by doing the majority of the upgrades yourself, appealing excessive property tax increases, and finding for yourself a trusted and dependable tenant. It isn't easy flipping a home, but with a lot of pluck and determination it can result in strong profits for you. Matthew Keegan is The Article Writer who writes on just about any and every issue imaginable. You can preview samples from his high performing site at http://www.thearticlewriter.com
MORE RESOURCES: Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Realtor accidentally burns down home news.com.au Who are real estate lobbyists talking to in New York? City & State New York Public records: Coshocton County, Ohio, real estate transfers Coshocton Tribune Brockton-area real estate sales for Dec. 26 to Dec. 29, 2023. Enterprise News Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com West Palm Beach real estate boom luring people away from Miami, developers say The Florida Times-Union The End of the Super Broker Era in Commercial Real Estate Commercial Observer Real Estate Commissions Are About to Get Much Cheaper. Here's How Zillow, Redfin, and Opendoor Could Be Affected. The Motley Fool Pension funds snap up real estate at steep discounts Financial Times Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion Real estate shake-up: Possible commission changes ahead 11Alive.com WXIA REAL ESTATE | New signage for Auto Safety Center on S. Main Street, West Bend, Wi washingtoncountyinsider.com Will Realtors’ price-fixing settlement affect Idaho home buyers? What Boise experts say Idaho Statesman Knoxville School Board to Hold Several Public Hearings Regarding Real Estate Parcels KNIA KRLS Radio A luxury agent on how the NAR settlement will change his business The Washington Post Chicagoans vote on real estate tax hike to fight homelessness Yahoo News Canada Will March bring more madness to Craven County's real estate market? New Bern Sun Journal Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times The Realtors' Big Defeat The New York Times Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane Realtor group will pay $418M to settle commission lawsuits The Associated Press Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News How new real estate rules may impact home prices in Connecticut Eyewitness News 3 Israeli real estate event: Legal complaints escalate NorthJersey.com Realtors settlement to lower home sale costs, alter commission structure The Washington Post China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post What Seattle-area homebuyers should expect after national settlement The Seattle Times Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Settlement will affect Iowa homebuyers KCCI Des Moines Realtors settlement brings confusion, relief to Southern California’s real estate industry OCRegister Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC A commission settlement may affect housing market 9News.com KUSA End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution Yoon to scrap 'reckless' plan to raise declared real estate value The Korea JoongAng Daily Realtor Lawsuit Settlement Will Change the Housing Market Forever Business Insider A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Revolutionizing Real Estate Lead Generation: Stephen Zochowski's Groundbreaking New Book 24-7 Press Release Wilmington realtor weighs in on proposed changes to real estate industry following major settlement WECT Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Real Estate Credit Investments (LON:RECI) Shares Pass Below 200 Day Moving Average of $126.75 Defense World 4 Ways a Settlement Could Change the Housing Industry The New York Times Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider What will the Realtors settlement mean for Arizona homebuyers? 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