Absolutely — if you know what you are doing. That doesn't mean being a financial wizard. Let's face it, most home flippers are just average people like you and me. You don't have to be a rocket scientist, but you do need to be a whole lot smarter than you used to be to make money by flipping a Santa Cruz home in 2009.
Be Conservative
That's not a political statement when it comes to flipping houses, but it should be your new motto. In the current market there is no room for error. Buying as low as possible, keeping all prices for home repairs and improvements low, and selling at a reasonable price with an eye to moving the property fast is essential.
Have Reasonable Expectations
Know that in today's market it is not likely you will be able to move a Santa Cruz home in a week or two after finishing the project like before. That means you need to get your financing at a manageable rate so that you can float until you make your sale.
Mirroring the Past
In many ways, things are not much different in the home flipping market than they were four, five, or even ten years ago. It has always been a game of risk and reward and it will continue to be as long as those that play the game understand its limits and rules.
Don't Be Greedy
It's tempting to price a finished house flip at the maximum the community seems to afford but in a slow market that is a recipe for failure, and a surefire way to end up holding onto the property. The key is in and out as fast as possible, and while that isn't as fast as in the past, it still needs to be as quick as possible. You want to make a profit over what you paid and put into the Santa Cruz home, but make it a reasonable profit so you can experience the benefits.
If you want to flip homes and make a profit doing it, you need the best agent on your side. I specialize in helping home flippers find (and negotiate) great deals. Call me today at 831.662.6522 or email me at lauren@laurenspencer.com to find out how I can help.
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Make money by flipping a Santa Cruz home in 2009
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