Lately, I’ve had a lot of people asking me about flips. The “hows”, the “whens”, and the “how much.” One of the things that I love about my blog is that I end up writing out very long explanations for very small topics so that when people ask me a question, I can point them to my very own personalized answer. So I’m going to start a series on flipping houses in Calgary, and what that looks like from start to finish. I would absolutely love to hear from you if you have any questions along this vein so that I can turn the answers into a blog. So for the next little while, we’re going to look at how to flip a house in Calgary!
If you’re reading this blog today, you are probably moderately interested in doing a flip in Calgary and perhaps wondering if you have what it takes to manage a flip. Before we dive into the how-to’s of the thing, let’s look at some points to examine whether or not you have the tools to get it done. Unfortunately, in this gig you’re going to need more tools than just a hammer and a drill.
Budget: An idea of how much you can invest in order to make sure you are profitable
Financial Strength: The ability to obtain funds for your venture, whether through partnerships or through the bank.
Organizational Skills: When it comes down to it, a flip is all about being organized on almost every front.
Number Crunching: knowing some basic mathematical operations and how they affect your bottom line.
Assertiveness: Throughout the process you’re going to need to assert your needs in order to make your budget work, whether you’re working with trades, vendors, buyers or sellers, you’re going to need to clearly articulate what you need and in many cases, stick to your guns.
Time: This is perhaps the most important thing you will need throughout the process. You need to take an honest evaluation of where flipping fits into your life.
In the next blog we’re going to examine what it takes to get a flip in Calgary done right, by looking at some of the above tools that you’ll need. In future blogs, we’ll be looking at basic flip strategy and the nuts and bolts of find, fix, and sell!
Make sure you read our entire series on How to Flip a House in Calgary. Let me know if you have questions - I'd love to know how your "flip" turned out.
The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736