How to Flip My Unwanted House and Make Money Fast?

In recent years, the practice of flipping real estate has surged in popularity. This involves buying a property, renovating it, and then selling it at a higher price to cover both the purchase and renovation costs. For those looking to quickly sell a property in Oregon they've invested in, several strategies can speed-up the selling process.

7 Tips to Flip an Unwanted House and Make Money Fast

Getting a higher return on your investment from selling properties requires a proactive approach beyond merely putting up a "For Sale" sign. Understanding the sales process is essential for attracting potential buyers.

1. Work With a Direct Home Buyer

If you are wanting to sell your house fast and avoid the lengthy process of listing on the market, another option is to work with a direct home buyer. Companies like Mast Property Development in Coos Bay, buy homes for cash, and can close in as little as 14 days.

Additionally, this can be a great choice for people that bought houses and were unable to make significant repairs. Direct Homebuyers will buy houses as-is, and complete the remodeling themselves.

2. Strategic Renovations for Successful House Flipping

Successful house flipping requires a strategic approach to renovations, as investing heavily in upgrades does not guarantee a quick sale. The type of renovations should align with the specifics of the investment property and target market demands. 

Opt for repairs and cosmetic improvements that enhance the property's appeal to potential buyers, thereby increasing its perceived value. Conduct market research to understand the preferences of your target demographic, whether they are young couples seeking affordable starter homes or affluent buyers desiring luxury amenities. Tailor your renovations to appeal broadly while avoiding highly personalized or niche upgrades.

It's also crucial to avoid over-renovating. A property priced well above neighborhood standards due to excessive improvements may struggle to sell. Adhering to your initial budget for renovations can prevent this, ensuring your property remains competitive in the market.

3. Setting the Right Asking Price

The key to quickly selling an unwanted property lies in establishing an appropriate asking price. Conduct thorough research on recent sales of comparable properties in the vicinity, taking into account all relevant aspects such as the presence of a pool or access to water bodies, the property's construction year, and its proximity to local amenities like shopping centers and grocery stores. 

To set a competitive asking price, use the most recent comparable sales data, ideally from the last six months. If recent comparable sales are not available, adjust the price based on the presence or absence of certain features in your property compared to others in the area.

An asking price that's too high might deter potential buyers, suggesting a lack of genuine interest in selling. Conversely, pricing the property significantly below market value could lead buyers to suspect underlying issues. Balancing these considerations is crucial for attracting offers and facilitating a quick sale.

4. Enhancing Property Appeal with Aesthetic Upgrades

Implementing cost-effective and essential aesthetic improvements can significantly accelerate the sale of an unwanted property. Ensuring that potential buyers can easily envision themselves and their families living in the space is a key strategy for a quick sale. 

Adding distinctive features, like a custom bar on the back porch, can captivate buyers, potentially leading to faster offers and a willingness to pay a premium. Such upgrades not only enhance the property's appeal but also distinguish it in the market.

5. Conducting a Home Inspection

Conducting a home inspection is a critical step for investors to ascertain the actual condition of a property. Hiring a professional home inspector can reveal hidden issues, from structural defects like foundation cracks and roof problems to hidden plumbing, electrical, or HVAC faults.

Early detection of these issues allows for an accurate estimation of repair and renovation costs, which should be incorporated into the overall budget. This foresight helps in managing the total investment and avoiding unforeseen expenses that could diminish profits.

Investors should be wary of properties with:

• Foundation Problems: Significant foundation issues can herald extensive structural damage, leading to high repair costs.

• Mold and Water Damage: These conditions can indicate deeper issues and pose health risks, often requiring costly remediation.

• Structural Integrity Concerns: Major structural defects, such as compromised roofs or walls, necessitate specialized repair work, potentially inflating costs.

• Environmental Hazards: Properties in areas at risk of flooding, earthquakes, or wildfires may require additional investment to mitigate such risks, affecting profitability.

A detailed home inspection allows investors to strategically plan renovations, prioritizing essential repairs that ensure the property’s safety and appeal. Integrating the insights from a home inspection into the flipping strategy enables a more informed approach, enhancing the potential for a successful and lucrative project.

6. Organizing Open Houses

Organizing open houses for a property on the market can speed up its sale. Such events attract local real estate professionals who are scouting for properties that align with their clients' preferences. These professionals often represent clients who are pre-approved for loans, positioning them for swift transaction completions. 

Additionally, real estate agents may personally find the property appealing. Open houses also draw other interested parties, though it's worth noting that not all attendees may have the financial readiness or loan pre-approval to proceed immediately with a purchase.

7. Leveraging Professional Networks

For investors engaged in property flipping, leveraging your network of real estate and related industry professionals (including pool cleaners, property inspectors, and contractors) can be a powerful tool. These individuals interact with a broad customer base in their daily business and can serve as informal ambassadors for your property. Should their clients express interest in purchasing a new home, these connections are well-placed to recommend your property, effectively expanding its visibility through word-of-mouth.

8. Creating a Proforma

Creating a proforma is a crucial step for investors looking to sell single-family or multi-family properties quickly. This document is particularly compelling for multi-family properties, as it outlines the potential return on investment, a key factor for investors. 

Conducting thorough research on the local rental market supports your projections of rental income, providing a solid foundation for your estimates. Investors can use this information to evaluate whether the property aligns with their investment objectives by comparing the anticipated rental income against the initial purchase and upkeep costs.

Key Takeaways: How To Flip My Unwanted Property in Oregon?

When flipping houses, selling quickly is key to maximizing profit. For those aiming to speed the sale of their fix and flip property and minimize losses, adopting proven strategies is essential. For more information on how to sell your unwanted property in “as-is” condition,  contact Mast Property Development. We support investors in quickly flipping their unwanted properties by providing expert advice and services that streamline the selling process and increase profitability.