Flipping real estate is more popular in recent years than it ever has been. There is something alluring to purchasing property, renovating it, and selling it for more than you paid for it. Hopefully, you have made enough from the sale to cover your renovation expenses and made some profit. If you have invested in a property and now want to sell quickly, here are some things you can do to flip your unwanted Minneapolis St Paul property fast.
There are some things you need to understand and put in place before selling your house. We are going to be laying out for you things you need to do before selling your flip house fast and put money in your pocket.
Appropriate Asking Price
Their number one thing that what investors can do to flip a property fast in Minneapolis St Paul is to have it priced right. The market sets the price and if you are under that price your investment property will sell. Spend some time and researching similar properties within 1/2 mile from your investment. Finding a comparable property that takes into account all aspects of the house you want to flip: whether or not it has access to a lake, the year the property was built, number of bedrooms, bathrooms, and garages. The next thing is to find a similar total finished square footage of the house that is not too big or too small. Determine the appropriate asking price by using the most recent sales possible, preferably in the past 6 months. If there are no recent comps in the area, consider using other properties to recognize its value. Find a house that has most of the characteristics and subtracting or adding value based on features that your property does or does not have. If your asking price is too high, you most likely will not receive any offers. If you offer the property for sale too far below the market, then buyers might believe there is something wrong with the property.
You may chose to hire a professional appraiser to give you another opinion on the value of your property. There is a little thing that some investors know that they ask other investors about selling their unwanted properties fast: can an appraisal affect the selling price on a house in Minneapolis St Paul? The answer may surprise you.
Investors who want to flip their unwanted properties fast are needing to go threw the property, making repairs and updates to make it more in line with the better comps that you have in your area. This will help flip unwanted property fast. If a buyer can walk into the house and imagine themselves and their family living in the house, this will help flip the property faster. Offering a unique feature in the property, such as a custom bar on the back porch, might help a buyer fall in love with the property. People buy because of emotions, and they may make an offer fast on your unwanted Minneapolis St Paul property and be willing to pay a higher price.
Host Open Houses
Hosting an open house as an investor for a unwanted property in Minneapolis St Paul will help sell it fast. This will encourage the local real estate professionals to visit the house in hopes that they will bring back one of their pre-approved clients to show your house. Other potential buyers will also attend, including people who live next to the house who want to see it and tell their friends, to real buyers who are looking for a new home in that area. Everyone who walks in the door could be a buyer or know a buyer so be ready. Beware; however, some of them may not be pre-qualified or even able to obtain a loan.
We here at Minnesota Cash Home Buyers know that Investors can do a flip of their unwanted property fast in Minneapolis St Paul if they network. You as a Minneapolis St Paul investor, know most likely other real estate agents, property home inspectors, suppliers, and contractors. These connections know a lot of people who they can tell about your property you want to flip to someone else. Always ask them to share with their contact about you and your property. But, one thing most flippers don’t know or use very often, and could be costing them the easiest sale of them all. There are key advantages of selling to an investor over a traditional buyer that an agent will being. They often will offer you all cash and you take over all your headaches. Click here to find the 5 secrets real estate investors use to sell fast in Minneapolis St Paul and get the deal done.
Prepare a Proforma
For multi-family investment properties or even single-family residences, preparing a proforma for the property will give the buyers of your unwanted investment the truth who the profitability of the deal. This will be especially attractive if your property is multi-family because this is the most critical part of investment: the return on investment! Doing your research on the rental market in the area will definitely be worth it. It will backup your estimated monthly rental amount your suggested. Investors will be able to compare this with the initial investment they are making and determine if it meets their investment goals.