How to Flip Jamaica Real Estate

Can you flip Jamaica Real Estate?

Of course you can, property in Jamaica is no different from anywhere else, you apply the same principles. The idea is to make a quick turn around, and as much cash as possible.

Try not to take on more that you can chew. For your first flip, try something simple, like a coat of paint, changing fittings or even and new bathroom or kitchen.

BeforeBuying: Set a budget, along with an emergency fund. Make sure you stick to this, as you don’t want to be eating into your profit.

Check out the local real estate market, it won’t be long before you become an expert on price. You can always ask a real estate agent for recent property sells in the area. By the time you have done your research, you should know, how much a potential neglected property would fetch, once fixed. Make sure you get a builders report on your Jamaican real estate, before purchasing, as you don’t want to find structural problems or any damage, and the whole flip project turning into a nightmare.

Do not over capitalize: Location, location, location is very important. Know your potential buyer, as this well help when fixing the property. Keep colours simple, as this is a property you are selling, so try to keep your own personal preferences out of it. This is where some flippers make a mistake, they fix the property with what they like, but not everyone has the same taste, so keep away from patterns and keep it simple. You don’t need to buy the most expensive fittings, as it won’t make a difference on the selling price. Remember you do not want to over capitalize!

If you have a mortgage on the property, remember the longer it takes to flip, the more it is costs, so set a time frame.

Setting the price: Now you have fixed up your property, you need to set a price. Don’t set your price too high, as you will push yourself out of the market. Invite three real estate agents to look at the property, ask for an appraisal, this would be a good place to start.

Never get attached as this is a business, the longer you hold out, the less you could be making! So when you finally get an offer that puts you ahead, consider selling. Maybe your will be looking out for you next Jamaica real estate to flip.