This week on Ask Rob & Rob, Rob asked:
How do I find the right area for flipping?
Buying to flip is a very different beast from BTL, and you need some very different criteria when selecting, even though there’s always crossover. The key to choosing an area for flips is resale. If you’re buying to sell, the emphasis has to be on the “sell”, as if you can’t resell quickly, you’ve not achieved your objective, even if you’ve added loads of value. Until someone wants to buy it off you, you’re stuck.
As a general rule, the areas that work for flips aren’t going to be the prime BTL areas. Ideally the property will work as a BTL so you have that option if you can’t sell quickly, but it’s unlikely to be that high yielding if the intended purpose was the purchase the property to quickly sell. For flipping you want somewhere that’s a little more expensive, and where there’s significant owner-occupier demand. If lots of families want to live there, (due to good fundamentals, including schools) it’s a good target for flipping. The more demand, the better.
Also, consider partnering up with someone else if you’re looking outside your local area – you may need their expertise. You need the biggest market possible for your resale, so think about that, too. Don’t get seduced by cheap properties in cheap areas; there may not be the demand for purchase after you’ve flipped.
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