When you buy a distressed property, you shouldn’t pay more than 70% of its after-repair value (ARV). Follow this practice to ensure you profitably flip a house. For e.g., if the renovation cost estimate is $30,000. How much should you pay for a home worth $500,000? Your Purchase Price = ($500,000 – $30,000) * 70% = $329,000

To earn more profit on your flip, you should opt for hard money loans. They provide you with quick capital but at higher interest rates. Individual investors or companies are the main sources to avail of hard money loans. You can also look for traditional mortgages from banks. While they come with lower interest rates, they do have stringent rules.

Neglecting a home inspection can lead to costly renovations. 86% of buyers found at least one issue during a home inspection. Opt for a certified home inspector in New Jersey. They can help you identify issues with the foundation, electrical systems, plumbing, roofing, HVAC, etc. Well-executed renovations will increase the chances of selling your house for a higher price.

Neglecting a home inspection can lead to costly renovations. 86% of buyers found at least one issue during a home inspection. Opt for a certified home inspector in New Jersey. They can help you identify issues with the foundation, electrical systems, plumbing, roofing, HVAC, etc. Well-executed renovations will increase the chances of selling your house for a higher price.

A growing employment market and increasing net migration in New Jersey indicate a rising demand for housing. Jersey City and South Orange are the most searched-for destinations and the best places to flip in New Jersey among homebuyers.