Tips and Tricks for Flipping Real Estate in Ohio

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Matt Lyons


Jan 21, 2021

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Flipping houses is the process of purchasing a revenue-generating property and quickly reselling it for profit. Also, it is called a short-term real estate transaction. This method is famous thanks to its speed of helping people earn money quickly. However, flipping real estate may be risky due to market fluctuations, high costs, renovation problems, lack of experience, and overestimating potential profits.

But let’s be optimistic and see what makes it a good location for investment in Ohio. We discuss available public transportation, school, shopping, entertainment, employment opportunities, low crime rates, and well-maintained buildings. And Ohio is an amazing destination to do it!

Read the article below if you are from Ohio and want to start flipping houses. It will help you assess your possibilities and avoid described problems.

Cost to Flip a House

The costs of real estate flipping depend on the property type, location, and the extent of renovations. Overall, you’ll spend around 10% of the home’s purchase price to flip the property. For example, if you buy a house that costs $150,000 and you want to flip it with $300,000, consider at least $15,000 from your profit for doing this. Why “at least”? Because there will also be other expenses you’ll have to consider when starting property flipping:

  • Purchase price;
  • Closing costs (3% - 6% of the purchase price);
  • Taxes (a specific percentage of the home’s value - 0,28% to 2,49%);
  • Rehab costs (building and cosmetic renovations, professional labor);
  • Carrying costs (mortgage, taxes, utilities, insurance, and HAO fees);
  • Marketing and selling costs (real estate commissions of 6%).

In summary, you should put aside $18,000 from your profit to pay the real estate agents facilitating the flipping of the house you purchased. Moreover, if you can’t afford to cover some closing costs like attorney fees, consider online payday loans in Ohio. With these financial products, you could borrow up to $1,000, or even $5,000, depending on the lender, and pay for consulting services before reselling the property.

How to Start Flipping Houses with No Money?

It's possible to start flipping houses without money using money-saving tips. They will help you assess your opportunities and create a strategy that fits your financial possibilities. Here are our tips to start real estate flipping with no money:

  1. Seek quotes from multiple contractors. Don’t settle with a single contractor. Shop around and search for better offers from different sellers. The best price is the most reasonable one for your future profit.
  2. Negotiate the purchase price. People try to find low prices for undervalued houses. It’s always tricky because you could buy a destroyed property and invest too much in its renovation. So, try to negotiate the price for the better property, invest less and resell it reasonably.
  3. Begin renovations by yourself. Even if you don’t feel like improving the house you won’t keep, it will add value and help you sell it at a higher price. Save money on professional labor and start renovating it by yourself.

Where to Get Flip Financing?

Do you think about flip real estate but have no capital to invest? Start with opportunities that are easy to use and cover flipping expenses. Check out this list of financing options:

  • Wholesaling - buying a distressed property below market value and then assigning the contract to another investor for a fee.
  • Private money lenders - borrowing money from loan providers that expect a higher return on investment than they would get from traditional investments.
  • Hard money lenders - getting a start capital from lenders who charge higher interest rates and fees (perfect for borrowers who can’t get a loan from traditional banks);
  • Seller financing - purchasing the house by paying the debt in monthly installments, not in full (the sellers receive interest rates);
  • Joint venture partnerships - partnerships with the investor with funds to purchase and renovate the property.

How to Get a Loan to Flip a House?

In Ohio, there are a lot of lenders that provide loans for borrowers who want to flip houses. However, they expect some factors to be considered. So before applying for this type of flip financing, check this out:

  1. Credit score. It must be at least 680; the higher your credit score, the better the interest rates.
  2. Down payment. Most loan providers will require at least 20% of the purchase; it will reduce the lender’s risks and decrease the monthly payments.
  3. Income and available assets. The loan servicer will check your tax returns, bank statements, and proof of other regular income).
  4. Property value. A high property value will justify the loan amount you want to borrow. Plus, most lenders will run an inspection to verify the real estate value before granting you a loan.
  5. Project plan. Your lender will want to see the strategy for renovating and selling the property. Moreover, you’ll have to show the cost estimates, timelines, and potential sale prices.
  6. Experience. If you have had successful projects of flipping houses, it will help you qualify easier for this type of financing.

Bottom Line

We hope this guide helped you understand the odds of flipping houses in Ohio. Even if the state offers many investment opportunities, take your time and see if flipping real estate is right for you. Overall, flipping houses can be risky and requires careful planning, research, and expertise to succeed. Consider the factors and tips we presented and start with creating a reasonable budget for starting this method of earning an extra profit.

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May 8, 2023
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