Nearly everyone has heard of someone who has bought a fixer-upper or near-foreclosure house, renovated it, and then sold it at a hefty profit. Sound fairly simple and lucrative? Perhaps, but a word of caution: Don’t quit your day job just yet!

Those who earn an income, either part-time or full-time, by flipping Virginia Beach VA real estate, caution would-be flippers to understand the basics before beginning such a venture, they definitely need to:

• Assess their financial situation

• Have time available to renovate the property

• Possess good negotiation skills

• Have knowledge of what renovation entails and of building codes

• Have a practiced eye for evaluating potential value

• Do a great deal of research to learn about the industry

• Have a good sense of timing

Find trustworthy advisors, such as an agent, a loan officer, and a reliable subcontractor.

Read the rest of this entry »