So you think that you can not flip a house in this market? WRONG!
A home located at 1893 Glenhaven Crescent in Kelowna was sitting on the market for a great price 399k...it needed work but nothing too crazy. The sellers had started to reno the home and then due to some circumstances they decided that they did not want to finish the job so they decided to sell it at a probable loss...
A savvy buyer came along and saw the potential here...they picked the home up for 380k. 20k below list price and took 3.5 months to remedy the issues in the home. They they listed the property on the market for 499,900 and sold it within 15 days for 485k!!!! that means that the home sold for 105k more then they paid for it!!!! (minus building costs of course)
But the exciting thing is despite being in a depressed market someone had the wherewithal to do what most people only seem to think can happen in a good market....MAKE SOME MONEY!!!
If you have been giving flipping homes some thought I strongly encourage you to make your move now! Don’t wait until the market picks up or you will be one of the multitudes of people with the same idea...do today what most others are scared to do...there are homes out there just waiting to be snapped up, fixed up and turned around for a huge profit. Call me today if you feel like making some money!