Although many people have heard about flipping houses for a profit, very few people talk about flipping condos. Also referred to as condos, it is essentially a glorified apartment where people can own it instead of renting. These can be sold for a substantial amount of money depending on what city they are in and their location. Sometimes they go at auction for excellent prices, or offered for sale by owner, allowing you to get good deals. The goal is to get a condominium that is undervalued, one that may need some work, and flip it for a substantial profit. Here is how you can find ones that are priced low, in areas where you can sell them high, and how you can repeat the process month after month.
What Are Condominiums?
Similar to real estate that you would purchase, such as a single family home, these are larger than standard apartments that can have multiple bedrooms, bathrooms, all of which are owned by an individual or company. Your ability to get them for discount prices begins with searching the classifieds for condos that are being sold by the owners. You can also go to banks that may have repossessed some of them, some of which may be sold at auction. Best of all, you can also talk to individuals that are marketing on Facebook and Google, trying to find buyers using PPC traffic.
How To Get The Best Deal
In the same way, that you can purchase a home for no money down, and assume the mortgage payments, the same goes for condominiums. Likewise, some of them are in disrepair, so it is possible to purchase one that can be fixed up and sold for a substantial profit. The easiest way to do this on a regular basis is to search regularly through the classifieds, and also on the Internet, looking for condos for sale in your area. You can then talk about how much they are willing to take for the condominium, and what terms they are prepared to accept. In most cases, they will expect you to get financing through a bank so that you can pay off their existing mortgage. However, if it is owned free and clear, there is the possibility that the owners may consider carrying a note where you will make payments for this condominium.
How To Flip Them For Profit
“First of all, you have to have access to either private funding that you can use to purchase a condo outright, or a good relationship with a bank that will help you purchase these by initiating loans.” points out Kelli Vincent, an expert in Las Vegas high rise units. “Most people do not understand that your relationship with lending institutions in your area can become your bread-and-butter. All you have to do is find a seller that is willing to give you a great deal.”
To flip them for profit, you need to list them under the prices that others are being sold for, yet still make a profit on the deal. As long as you can procure a condominium every month for less than the market value, you can regularly sell them for a profit, preferably and affluent areas.
This basic overview of what you need to do to buy and flip condominiums gives you a general outline of the process itself. The paperwork that is involved purchasing it, and the loan papers that will be filled out during this process, are beyond the scope of this article. It is enough to know that only through due diligence on your part can you find several of them every month, one of which will provide you with an excellent deal. As long as you can connect with a local bank or lending institution that is willing to lend you the money every time, you can have a very profitable condo buying and flipping business.