How to Buy and Flip a House Essay

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The document that follows in this report is data assembled for Triple O Corporation. The financial project in question is a home renovation for a purchased property in the Gwinnet County area. That area is just south and east of Alpharetta, Georgia in the Atlanta Metropolitan area. The data points that shall be covered in this report include the average home price in Gwinnett County, the renovation cost involved for the home that is being purchased, the contingency cost and other operating costs that exist, the sales price and the overall net profit from the sale.



According to real estate site Zillow, the median price of a home in Gwinnett County is about $186,300. Note that this is the median home price and not the average home price as they are not the same thing. Basically, median home price means that all of the prices in the county are ranked from top to bottom and the median price is the middle of the list. In other words, if there 99 homes in the county, the 50th highest would be the median. The average, on the other hand, is the sum of all the prices of homes in the area divided by the number of homes.

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This number will likely be similar to the median price but it will not be the same (Zillow, 2016). The average home price in Gwinnett County actually dropped a lot in light of the recession that happened in the late 2000's, that being the Great Recession that ran from 2007 to 2009 and that has really not been recovered from since in many ways. Indeed, the average home price in 2008 was a rather soaring $213,000. By 2012, that number had fallen by more than a fourth, all the way to $157,000. This number is even lower than where things were more than a decade ago in 2003, when they average was at $174,000. Prices are starting to edge back up but it will take some time for the area to recover (Young, 2014).



Strategy



As far as an overall strategy to do a home renovation and make a profit, the key is to find a property that is less than the prevailing "comps" and other homes in the area. The house can be bought at a discount and the idea is to renovate the house….....

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References


Young, C. (2014). PROGRESS: Housing market on a turn-around. [online] Gwinnett Daily Post. Available at: http://www.gwinnettdailypost.com/archive/progress-housing-market-on-a-turn-around/article_9c963415-b455-5c3a-a40b-5830e4bfc8f0.html [Accessed 30 Sep. 2016].

Zillow. (2016). Gwinnett County GA Home Prices & Home Values - Zillow. [online] Zillow. Available at: http://www.zillow.com/gwinnett-county-ga/home-values/ [Accessed 30 Sep. 2016].

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