Flipping homes are one of the alternative ways to make big money in real estate. It applies not only in Edmonton but all around the world.
In the recent months, we’ve been discussing how the economic environment in Edmonton is attracting many investors. Even with the oil crisis affecting the country, experts still believe that real estate offers one of the best investment options on the table-and home flipping is smacked right in the middle of that.
We at Team Leading Edge pieced together a brief list on how to start you off with this great business endeavor and once you’re ready to get your feet wet, you can visit our Edmonton MLS Listings page to access the complete list of available Homes For Sale in Edmonton-homes that you can flip.
PICK THE CORRECT NEIGHBORHOOD. Edmonton being one of the best cities in Canada offers a wide array of neighborhoods to choose from. We know you’ve heard this countless times before; Location! Location! Location!
Yes, in real estate, location is king! You would not succeeding in the flipping business if you pick a home located in a rundown neighborhood. Walker, The Hamptons, The Orchards and Leduc are just some of the neighborhoods that are most attractive.
PROVIDE BETTER VALUE. The flipping industry has one weakness, it’s widely known that flippers often use low quality materials to make quick renovations. It’s economical.
Try not to follow this kind of crowd. Providing quality finishes for your future clients is more rewarding than trying to cheat them. Word spreads fast nowadays and it’s a double-edged sword; people can make reviews that would help attract and grow more business for you or it can also totally destroy your reputation. A single Youtube video, tweet or Instagram post does have the potential to make or break the business.
UTILIZE LOCAL CONTRACTORS. It’s a simple gesture of giving back to the community. Also, using workers that live in and around the community is the best way to offer reliability and quality work for the home. You can ride on the reputation of the local contractors when you’re marketing the home. This activity can have a tremendous positive impact on value of your property.
The key to thriving and succeeding in the Edmonton flipping business is to ensure you provide quality service and product to the market.
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