Each episode of ‘Hot Property’ stars one of Canada’s top mortgage brokers from Canada’s Premier Mortgage Brokerage – MonsterMortgage.ca. This week’s ‘Hot Topic’ is on Flip Financing and what you need to know before considering the purchase of a property and trying to ‘flip’ it for a profit at later date.
Flipping a property and making a profit is exciting but it has a lot of hidden pitfalls. Understanding them will help you make better decisions and ultimately you can make a better return on your investment. To help you, remember the following:
• Seek good advice from a knowledgeable mortgage agent, realtor and accountant (there are tax implications)
• Make sure you have enough cash on hand to carry your property
• Be prepared to break even
• Understand the local real estate market, as home prices start to stabilize profit margins will get tighter.
If you would like to watch previous Hot Property episodes, you can catch previous Hot Property episodes on the CP24 site here. If you have any questions regarding Cash Back mortgages or any other Canadian mortgages, call MonsterMortgage.ca or fill out a contact request hereBACK TO NEWS FEED