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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Ep64: Cameron Sharp - Knowing Your Timber Floors
Ep63: Cate Bakos - How Can Buyer's Advocates Help with Your SMSF?
Ep62: Will Walton- Making the Tree Change
Ep61: Tonya Davidson - Top Tips for Preparing Your Home For Settlement
Ep60: Frank Valentic - Understanding The Auction Results
Ep59: Town Taster - Monbulk
Ep58: Sophie Lyon - The Residential Tenancies Act - Part 3 Ending a Tenancy
Ep57: Sophie Lyon - The New Residential Tenancies Act Part 2
Ep56: Sophie Lyon - The New Residential Tenancies Act Part 1
Ep55: Nicole Jacobs - The Pros and Cons of Auctioning a Property on a Public Holiday or School Holiday Weekend
Ep54: Town Taster - Tyabb
Ep53: Sophie Lyon - Pets and Tenancies
Ep52: Frank Valentic - The Cost of Selling
Ep51: Dean Davis & Emma Nuthall- The Process of Styling
Replay - Ep33: Thinking Outside the Square for Your First Home
Replay - Ep38: Auction Day, What to Expect
Replay - Ep3: Understanding Sales Commission
Replay - Ep13 DIY Renovating
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