Learn How to ‘Flip That House’ on Sept. 16

By Eric Englund | Sep 10, 2019

Stafford Township — SCORE, the Service Corps of Retired Executives, holds a program on flipping houses on Monday, Sept. 16, at noon at the Stafford branch of the Ocean County Library. Presenter Don Schafer Sr. will talk about where to find houses, how to estimate cost and time to complete the project, common pitfalls, and tips for being a landlord and protecting your investment.

Schafer was in the refurbishing property business from 1963 through 2006. He has experience as an owner and manager of a strip mall shopping center and as a residential and commercial landlord.

So how do you flip a building or house? In simple terms, you want to buy low and sell high. But rather than adopt a buy-and-hold strategy, you complete the transaction as quickly as possible to limit the amount of time your capital is at risk. In general, your focus should be on speed as opposed to maximum profit. That’s because each day that passes costs you more money with mortgage, property taxes, utilities, insurance and more.

Schafer said one of the pitfalls is finding time, as renovating and flipping houses are a time-consuming business venture. It can take months to find and buy the right property. Once you own the house, you’ll need to invest time to fix it up. Before you can sell it, you’ll need to schedule inspections to make sure the property complies with applicable building codes.

To register for the program, call the branch at 609-597-3381. E.E.

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