Flipping a property can be a good investment in any area if done right. When evaluating a neighborhood you will want to evaluate what is on the market in that area. What kind of condition is the competition in? What are homes that are in good condition selling for? This will give a good benchmark for where to price a property after the property has been renovated.

One of the mistakes many people make when flipping is over improving for the neighborhood. You want to make sure to keep your costs down, use materials and finishes that are appropriate for the area and your price range.

The other mistake often made with flipping is when it is time to sell a flipped property; the list price is too high. Remember this is an investment and try not to get emotionally tied to the project.

There are a lot of factors to consider when flipping a home, but there are some great opportunities and if done thoughtfully, can be lucrative as well.

If you would like me to send you information regarding homes currently on the market in West Oakland, so you have a better picture of what the market is doing in this area, please contact me.

Lisa Cartoalno
Alain Pinel Realtors.
Lisa@LisaCartolano.com

Check out my blog, Real Estate News Without The Schmooze athttp:// www.NoSchmooze.com

Wed Apr 23 2008, 09:46

Most prices in Oakland have been quite steady even in "down markets" unless they are in complete disrepair. You should look at the amount of work that is necessary, time involved and how much effort will actually take in selling the flip.

The flipping programs on TV (I've written about that before) are somewhat misleading. Don't believe everything you see on TV.

Tue Apr 22 2008, 23:36

Bob is completely correct in my opinion. Adding value works when value is part of the purchase. Liz

Tue Apr 22 2008, 16:58

By "Flipping", I am assuming you mean to purchase, add value, and then sell quickly at a profit. Any area can work for "Flipping", if you do one thing right. What is that one thing? Buy at a good price. The saying goes, "You make your money on the purchase". Figure a price that the property will sell for fixed up within one week of going back on the market. Back up from their to figure the purchase price you must have that builds in the profit margin you require. Use conservative numbers. Good Luck!!!

Tue Apr 22 2008, 16:29