Flipping real estate in Toronto definitely isn’t as simple as they make it look on the multitude of DIY (Do-it-Yourself) articles and videos that can be found in the media, but there are some ways to ensure you’re best prepared before dipping your toes into this particular investment endeavour.

With any foray into the world of investments, particularly where real estate is concerned it is important to think of it as a business, and it is common knowledge, no business succeeds without a solid plan prior to its start. The bones of your plan should be a realistic budget, finding just the right place to flip, a firm timeline, and having a list of creative ways to make your money work harder for you.

A Realistic Budget

Obviously, budget is an essential thing to map out. Your budget should be realistic enough to reflect the highly sought after and competitive Toronto market, yet also practical enough to also include contingency funding. This type of insight will be a saving grace in the event that you encounter any roadblocks in getting the property ready to sell or if you aren’t able to sell quickly enough and need to carry the mortgage for a few months longer than expected. Start by calculating how much money would be an acceptable risk to invest in your venture.

Finding Just the Right Place to Flip

There are many factors to consider when looking for the best investment when flipping real estate in Toronto so it is important to thoroughly research the area in order to understand the most likely buyer you’ll be catering to, what previous properties have sold for, what the property taxes are and what amenities are in the area.

One of the biggest mistakes novice real estate flippers make is jumping on the first ‘deal’ they find without taking the time to research the demographics of the neighbourhood to ensure the property is desirable to those who are most likely to purchase. A cheap property can’t make you any money if it won’t sell for at least 10% of what you’ve invested, and within a reasonable amount of time.

A Firm Timeline

Although there are many factors that can contribute to the perfect timeline, there is no set formula that enables experts to dictate a set-in-stone number like sixty days, or six months. The general consensus is that about a year is good place to start as the bones of your timeline, and then adjust as needed, especially if you can tap into trending forecasts for the real estate market.

Repairs in haste can lead to costly mistakes, of which you will be able to repent in leisure when you’re having to make additional repairs, or the house isn’t selling as fast, or for as much as anticipated.

Creative ways to make your money work harder for you

DIY (Do-it-Yourself) remodelling and renovations seem like the easiest and most cost effective way to save money so you make the biggest profit flipping real estate in Toronto…..on TV. However, if you ask anyone who is experienced with real estate flips, they will tell you that the real savings is in doing things right the first time while working with reputable professionals. Real estate agents, mortgage specialists, quality renovators and the like will save you both time and money and help you adhere to both your budget and your timeline.

However, when you shop smart you can find ways to get cashback to reinvest in your real estate flip, including when you engage real estate and mortgage professionals.

Shop2Save is a maverick in the online world of volume discounts, including not only offers of crowd-based discount purchasing, but also real cashback rewards dollars when you buy or sell a home with Remax or arrange a mortgage through Dominion Lending.

You can even earn cashback when arranging home insurance when flipping real estate in Toronto.

Visit Shop2Save today to discover all the creative ways you can make your money work harder for you.