Take pictures, save receipts when flipping homes? Metro Detroit Investment properties

 

Now you are getting into the business of flipping Metro Detroit real estate?  You want to make money flipping homes.  Here are a few tips I have learned when I flipped  homes or when some of my clients have flipped homes.

Sometimes when you sell the home to a buyer the buyer’s mortgage company questions the big jump in price from what you bought it from to what you are selling it for.  So here are some Metro Detroit investment property tips to substantiate to the bank your sales price.

1.)     Take pictures of the house.  Document what it looked like before the flip.  Be sure to get the junk laying around.  The bad kitchen or bath.

2.)     Save your receipts for materials.

3.)     Save your bills and checks to contractors.

The key is to document what you have done and paid for.  Leave a copy of all this information along with a letter detailing what you have done to the house for the appraiser.  That way the appraiser can justify the increase in price for you.

This will help make your Metro Detroit investment property flip go smoother.  Nothing worse than the bank denying or appraising the house low after all the work you have done.  I hope this tips helps you make money.  Good Luck.  Russ Ravary

Larry Foote of Pittsburgh Steelers Thanks Michigan Realtor

Metro Detroit first time home buyer tips

How to sell your Metro Detroit Real Estate quicker!

[wnt_grid keyid=”1″ title=”Independence MI homes for sale” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” single_family=”y” condo=”y” min_price=”500000″ max_price=”1000000000″ listing_status=”Active” county=”Oakland” city=”Independence Township” /]