Flipping houses in Nova Scotia, Canada
Hello, my name is Geoff,
I am an Entrepreneur from Nova Scotia, interested in flipping houses for a business. My parents are appraisers, and my best friend, who would be flipping with me is extremely knowledgeable regarding doing carpentry and works at Kent so we would get extremely cheap materials. If anybody could give me any tips or knowledge regarding flipping houses or their experiences I would really appreciate it,
In my market (DC Metro) there isn't a huge market for flips right now. I don't know how it is in Nova Scotia, but given the current worldwide economic issues- I think I can safely venture to say that you're not experiencing a real estate boom.
When you can't count on rapid appreciate to build equity (ie the house is worth 25% more than when you bought it 6 months ago thanks to market momentum), you have to depend on market knowledge and insider connections to get the best deals. This means grabbing houses before they even hit the market.
Although good contractors are essential, what you need in this market is an experienced agent or investor connection who can help you spot the deals before they're offered at arms length. The people who will make this money in real estate now are the ones who have enough cash to carry properties, have the stomach for prolonged listing periods, and can execute efficient/clean flips with little to no waste costs.