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.
Alain Pinel Realtors.
Check out my blog, Real Estate News Without The Schmooze at http://www.NoSchmooze.com