How To Be Mortgage Free: Renovate & Flipping
We all want to be mortgage free; but apart from paying down monthly mortgage payments, many do not know that they can be mortgage free sooner! If you are looking for a creative way that can make you mortgage free, you should consider renovating or flipping homes.
To find out if this is the right path for you, you need to consider what kind of lifestyle you would like to enjoy. If you are the type that is okay with moving around and rolling your sleeves up, this is a perfect avenue for you to get huge profits in a short period of time.
The reason I say that you will need to be okay with rolling your sleeves up is that the majority of the profit comes from doing the work yourself. It may be tempting once you have found a property to hire a contractor to do all the work. But if you do hire a contractor, all of your profit margins go to the contractor, and not in your bank account. As long as you are willing to learn and work on things you are confident in, you should excel in this project.
You will then need to make sure you have enough saved up to embark on this sort of project. I suggest to have 20% of the home’s value saved up in addition to $50 – 75 000 saved for renovations.
It is also important to make sure you have the right team working with you to ensure you get the best profits. You may have saved a great deal of money and decided that you are able to invest a few months of your time into flipping a home, but you falter when it comes to picking a house that will guarantee a healthy return in investment. I personally have experience helping homeowners in the Etobicoke area find homes that they have then flipped for a $200 000 profit in just six months!
I will make sure that together, we will find the perfect project for your skills and ambitions. I will also ensure that we hire the best home inspector for you so that you will know before you make any offer what to expect from a house. For while many renovations appear cosmetic, without a house inspection, you will not know until it is too late that you have an expensive issue to fix with the foundation of the home.
If you would like more information on how to go about buying, renovating and flipping a home please watch my video here. And when you feel ready to start one of the biggest adventures in your life, please call or text “I’m ready to flip!” to 416 807 8484. I can’t wait to get the ball rolling on how to make your life mortgage free as soon as possible.