Ohio has one of the more forgiving real estate markets in the United States currently. While prices have surged nationwide, including in Ohio, there is still plenty of opportunity for real estate investors in the Buckeye State.
For example, distressed properties may still sell for relatively low prices in certain urban centers, providing an opportunity to invest in repairs and then command a premium price when reselling the home later. House flipping can be a major source of income where people earn tens of thousands of dollars with a few months of hard work and smart buying habits.
Many aspiring real estate investors in Ohio worry about the requirements of buying and selling homes. For example, they may know that real estate agents need to maintain state licensing. Does someone who aspires to buy and resell homes for a profit need to obtain a real estate license to comply with Ohio state laws?
House flipping may require some licensed support
The individual or small business buying real property to flip it for a profit does not necessarily need to have a real estate license. People can purchase properties without representation and list them for sale by owner when they are ready to go on the market.
However, getting the best price and ensuring proper protection during the transaction may require the support of someone familiar with Ohio’s real estate market and regulations. House flippers may pursue a real estate agent or broker license. They can also hire one of the more than 36,000 licensed real estate professionals currently working in Ohio. Licensing is optional in many cases.
The same can be true during repairs to a property. Those doing general handyman services at a property, like hanging new drywall or installing new kitchen fixtures, typically do not need licensing to do that work. However, more skilled and crucial repairs, like plumbing and electrical works, often require the support of licensed professionals.
Those aspiring to make as much money as possible by flipping homes often benefit from learning more about Ohio’s real estate laws and thoroughly protecting themselves via contracts. Seeking legal guidance as a real estate investor can take some of the risks out of house flipping in Ohio.