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RENOVATING a house for profit can be a risky, but rewarding, investment.
One house flipper recently shared how he bought a $97,000 home he now aims to sell for $170,000.
Bryce Matheson saved time on his flip thanks to two key featuresCredit: Youtube/Bryce Matheson
YouTuber and house renovator Bryce Matheson said he plans to make $32,000 in profits after selling the house.
In a video, he shared the before and after shots of the home, as well as flipping advice.
“It’s pretty shocking what the house looked like before,” Bryce said of the flip.
FLIP TIP
Sharing a home he renovated in a few months, he said there were several ways he was able to get the renovation work quickly.
The before and after photos showed the dramatic transformationCredit: Youtube/Bryce MathesonNot spending time on the roof meant a greater chunk of the money going towards the interiorCredit: Youtube/Bryce Matheson
First, he avoided spending time and money on landscaping.
While this could lower the property value, it managed to cut renovation costs and allowed Bryce to focus on the more important interior work.
He did have to remove a few trees that were leaning over the property, creating a blank slate for a future owner.
Another way he saved time and money was by leaving the roof as it was when he bought the house.
“Most of the time when we do a house flip we have to replace the roof,” he said. “That’s seven to 10 thousand dollars typically.”
In this case, the metal roof was in good shape, saving money and time.
BY THE NUMBERS
Bryce bought the house for $97,000 — relatively affordable for most markets.
After spending about $33,000 on fees and renovations, he was able to list the house on the market for $170,000.
He estimated a profit margin of $32,000.
FLIPPING NEWS
Low supply of housing means that flipping houses can be a way to make thousands in a few months.
Many flippers buy dilapidated houses and renovate them cheaply into livable homes.
While it’s unclear where Bryce’s flip was located, flipped houses can be found around the country.
In the Chicago suburbs, one flipper bought a house for $145,000, making $58,000 in months.
An ambitious investor made $325,000 on an “ugly” apartment building in just 30 days.
The retired engineer didn’t even need to do any of the work surrounding the property.
Some have criticized house flipping techniques as “splash and dash.”
Another flipper shared how he managed to finance a house flip via private money lending.
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This article was originally published by a www.the-sun.com . Read the Original article here. .