Ultimate Guide to Flipping Ohio Property for Sale: 24 Areas of Focus
Have you reviewed your local real estate market and wondered if you should jump on a specific Ohio property for sale? For an investor, it does not always have to be about buying property for the sole purpose of making it their home or business. Have you ever considered “flipping” property? With this guide, we hope you’ll gain the knowledge, inspiration, and ideas to create a solid plan. You can become very successful in the business of flipping properties; you just have to get off on the right foot. Here’s how…
What Does it Mean to “Flip” Property?
Are you an investor who is looking to make a profit in a rather short period of time? Then finding and flipping Ohio property for sale is for you. Flipping property is, ultimately, buying property for sale with the goal of selling it to make a profit. First, you find an affordable property, typically at an auction. Then put some money and sweat equity into it by fixing it up. When your project is complete, you resell the property for (hopefully) a huge profit. Sounds simple, right? Well, not exactly. It is quite risky and involves a lot of work and manual labor. But it can be all worth it if done right.
Before you dive in, consider answers to the following questions:
- Are you going to choose to flip a commercial property or residential? If residential, will it be a fixer-upper or foreclosure?
- Have you thought about your ideal location in Ohio?
- What type of buyers are you hoping to attract?
- What is your total budget?
- How will you finance your investment?
- If this is your first time, have you considered a joint venture with someone experienced in the business? (Doing so can decrease the risk, increase the chance of profiting, and vastly improve your experience and knowledge.)
- Will you need to hire any contractors or handymen for the project?
- Do you know enough about real estate law or do you need to hire an attorney?
- How much time do you have to invest in fixing up the property?
- Are you confident you can re-sell the property?
- How is the real estate market, and will it hold while you “flip” the property?
- Do you plan to search for properties yourself or hire a real estate agent?
And this is only the beginning… Do you know enough about working on real estate to handle this project yourself, or will you need to hire a coach who has had incredible success in this business? Don’t get discouraged, though. Flipping real estate can be a lot of fun, and property flippers can make a tremendous profit on a sale if done right.
Flip-Flopping Your Mind: Decisions to be Made
Once you decide that you do want to buy and flip a property for sale in Ohio, you have made the first of many decisions. There are an enormous amount of real estate listings in Ohio to choose from, but which property and location is the right choice for you? Begin a property search in Ohio to see what’s out there. If you want to try searching on your own, the listing tools featured in the next section can also be used to find properties. And there are new listings every single day, so be sure to check back frequently. Once you’ve decided on a location and found your property, you will have to continue making well-thought decisions throughout your project. In between buying and selling, there are pieces of the puzzle to consider:
- What structural improvements will you make, if any?
- Do you need to consult with a real estate development company to assist you in the process?
- How is the curb appeal? Is the front of the property presentable? Do you need to do any landscaping or decorate the front of the property?
- To what extent do you want to stage your property for sale? Does a professional real estate stager fit into your budget?
- Where are you going to list your property for sale in Ohio?
Where to List Your Ohio Property for Sale
If you’d like to try listing your property yourself, there are a number of free, easy-to-use tools, online. Try these four sites:
- Craigslist.org is one of the longest-standing online classifieds websites, as it was founded in 1995. There’s a “housing” section, as well as an“office/commercial” sub-section of “housing.” It’s free to post your property listings on the site. (The only real estate-related fee involves listings in the New York City area.)
- Realtor.com is the official website of the NAR (National Association of REALTORS®); they provide both residential and commercial property listing solutions. Here, you will have access to well over 800 multiple listing services. Additionally, Realtor.com offers a free tool to manage your profile, listings, and leads. (NAR membership is not necessary to register and use their site.)
- Zillow.com is a leading residential real estate marketplace. They provide consumers with a wealth of data and information on the location in which buyers are looking to purchase a home. Zillow also connects its users with local professionals who can assist with buying, selling, financing, remodeling, and much more.
- LoopNet.com is the largest commercial real estate network, boasting over five million unique visitors each month! With a free account, you’ll have limited access to helpful marketing tools, such as brochure and flyer templates, an email marketing campaign generator, and a custom property website.
If you’re not getting any bids in your price range (or at all), consider consulting with a real estate broker.
Flip This, Then That
If this is your first time flipping a property, keep these top seven strategic tips in mind:
- Educate yourself. Learn all there is to know about the real estate business, valuation, current real estate climate (timing is everything!), buying properties for sale, and flipping. Perform research online; read books; join investment and real estate networks; visit local real estate clubs. Take in all of the information you have learned, create a plan, then take action… lots of action.
- Analyze risk versus reward. Do have an open mind, but also pay very close attention. Understand that there are possible risks; don’t just focus on the potential profit and miss major red flags.
- Start small. It is best not to bite off more than you can chew. Some people have a knack for flipping real estate. Other people get deep into this type of project and then realize that they have gotten too deep, too fast. Budget your expenses and anticipate unexpected problems. Then, get to work. Once you become successful and have enough experience, you can move on to the bigger real estate projects and buy then flip larger Ohio properties for sale.
- Focus on location. The most important thing you can do is to remember that location sells. This is the cardinal rule when conducting a property search. At the end of the day, if you sacrifice location for the price, you will have a hard time flipping your finished project.
- Make low offers. You may feel uncomfortable about making such low offers. Well, to be blunt, get comfortable with this concept. Remember that real estate investing is a business, and businesses are all about the numbers. There’s a saying, “If you’re not a little embarrassed by presenting your offer, then you’re probably offering too much.” We believe this to be true.
- Promote your property for sale. Once you have finished your project, the most important thing you can do now is marketing. Without a steady stream of leads, you will have a difficult time selling your property; you’ll also lose time and money in the process. And don’t just rely on listing your Ohio property for sale on the sites featured above. Create and post signs around town and in supermarkets (where appropriate); promote your property on social media; design a graphical postcard with high-quality pictures and bullet point the features, then send it out via direct mail. Create a marketing schedule and map out when you will perform each task. Perform these tasks at a minimum of once per week.
- Seek consultation. Remember, you do not have to go at it alone. Ask for guidance from professionals who may have more expertise than you. Join OREIA (Ohio Real Estate Investors Association) and find a local mentor who you could learn from and bounce ideas off of. Are you considering flipping commercial real estate? At The Robert Weiler Company, we can help you throughout the process; starting with a real estate appraisal, then listing your Ohio property for sale, finding the right buyers, and lastly, selling your property for the highest return. Before you jump into the world of flipping, give us a call at 614-221-4286.