Post Tagged with: "Flipping"

5 Tips for Successful House Flipping

Man Choosing Floor MaterialYou can make money buying fixer-upper houses, sprucing them up, and reselling them. But that can only happen if you have the right skills and people. Here are five tips to help you flip properties profitably.

1. Learn and Find a Mentor

In real estate, you learn and then you earn. Educate yourself about flipping. A good real estate mentor will also help you avoid the pitfalls on the journey.

2. Know Your Neighborhood

Experienced flippers buy in the right neighborhoods. Look for properties in areas where people feel safe and want to live. Know everything about the neighborhood. Understand what features are desirable in that area. Be on top of all factors that may affect the supply and demand of properties in your chosen neighborhood.

3. Have Access to Cash

Flipping properties cost a lot of money. But savvy flippers chase the deal, not their budget. To perfect your real-estate game, work with other people’s money. Bank financing takes time and comes with red tape. Hard lenders in Florida are a good option for fix-and-flip investors who need quick funding on flexible terms. A private lender may also help you if you have an excellent track record.

4. Make Accurate Cost and Time Estimates

Flipping involves making structural and cosmetic changes to a house to make it appealing to buyers. You need to accurately estimate refurbishment costs. You also need to have a good idea of the time it will take you to put the home on the market. Learn about construction materials, construction codes, labor costs, and the typical timeline it takes to complete typical jobs. Work with an experienced estimator.

5. Retain Essential Professionals

Flipping entails a lot of construction, legal, and accounting work. Successful flippers collaborate with experts who can help complete all that work in an efficient and timely manner.

Flipping is not as easy as buying a house, repainting it, and reselling it at a profit. Savvy flippers thrive because they have the essential skills and people.​

July 13, 2018 at 2:34 pmDirections