But the truth is, it is not quite that simple.

Finding the right home to repair will depend on the realtor that you use. You are going to want to find a home that is cost-effective to purchase, remember you have to invest into the repairs, and you want to purchase one in a neighborhood that you can resell it for a higher price. You cannot flip a home successfully if the property value will barely increase after it is repaired.

You will also need to know a lot about home repairs, building codes and the costs of materials. Even if you are going to pay a contractor to make the repairs, which is more expensive, you must know how much you are going to have to invest into the property to make is “sellable” and use this information to determine if the current asking price is fair. If you are only going to be able to sell the home for $150,000, and it costs $100,000 and you need to invest $45,000 in repairs, the home is not a good choice for flipping.

However, if you are working with a professional realtor like Nina from Dream to Realty, you will be able to find better-priced homes in need of repairs that you can sell for a higher price. Nina is very acquainted with the real estate industry in the Chicagoland area. She can guide you to purchase the right homes to flip based off of her knowledge of the industry.

The final thing to remember about flipping a home for profit is that you need to have financing in place to make this a reality. The only way to make a real profit in flipping homes is to move quickly. Buy-repair-sell as quick as possible. You always need to have financing in place to purchase the home and to make the repairs.

If you are ready to start your venture into flipping homes, contact Nina at Dream to Realty. Nina will be pleased to show you a variety of properties that may be perfect for your first project.