Flipping properties is something that can make you quite wealthy if you know what you're doing and have the right people behind you...if you don't... it could be a financial and physical mess. Today we have an expert 'Flipper' to explain what you need to get started.
Josh Summers is the co-owner of Universal Property Company, who is our expert property flipper. Josh has been involved in the construction industry for 15 years. Josh and his business partner Tony created Universal Property Company to specialise in the acquisition and restoration of established properties to resell.
1. How does one 'Flip a Property?'
2. What sort of return as a percentage are you looking for when you search for a property to flip?
3. What suburbs are the best to find properties to flip?
4. In terms of renovations, what should be the bare basics you should do when you flip a property? (ie paint, floors, new kitchen, bathrooms, etc)
5. What are some of the structural issues that makes you decide this is the right property to flip or it's not?
6. How often do you find that you need to do things like re-wire, re-plumb, re-stump, etc? How much can that add to your budget?
7. What are some of the key recommendations you should do before you buy a property to flip?
8. What financial concerns should you have when flipping a property? (tax, unforeseeable costs, agent's fees, etc)
9. Lastly, can you give us an indication on what is the most you've made on a property, and what has been the least?
Contact Josh at:
www.universalpropertyco.com.au
Follow universalpropertyco on Instagram.
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