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Also find out how many other homes in the area are listed and for what prices. Flippers should price their renovated properties slightly below market value to attract interest. That will ensure they don’t have to keep the home any longer than necessary, Levinrad says.

—Know your exit strategy. If an investor is planning to buy, renovate and resell, stick to the plan.

Some investors change course and end up regretting it. They may realize they’ll make less money on the deal than originally expected, so they hold the home and rent it instead.

But then they discover they aren’t prepared to be landlords — from the hassles of dealing with problem tenants to the high cost of maintaining the homes.

“Something that was supposed to be a profitable and enjoyable experience turns into a nightmare,” Levinrad says. “If your profit is less than you anticipated, consider it a lesson learned and move on to another property.”

©2013 Sun Sentinel (Fort Lauderdale, Fla.)
Distributed by MCT Information Services

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