How Should You Approach House Flipping?

Successfully flipping a home requires careful planning. We’ve got some tips for you today that will show you where to start.

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Is house flipping the right move for you? We’ve all seen the commercials and the television shows that make house flipping for a substantial profit look so easy today. However, we know that this depiction isn’t entirely accurate. You can achieve financial success through house flipping, but you’ve got to follow some guidelines. Here are five quick tips that will give you a better chance at success if you’re thinking about house flipping:

1. Have a team of experts by your side. Study what people go through when they flip homes and make sure you have a good, efficient team behind you. A CPA can help make sure you are not monetarily sacrificing too much. A good Realtor can help you find properties, as well as a list of trusted contractors and estimators to help figure out the costs. If you’re handy yourself, you’ve got an even better chance of success. Not having to hire a contractor for every little thing could save you a lot of money.

2. You need to have marketing skill. This will help get your home out there to interested buyers. You also need to have time on your hands. If you have a day job, that can cause delays as well because there may simply not be enough hours in the day.

A good Realtor can help you find a good property and trusted contractors.

3. Location is important. Know where the homes you are picking from are at and the prices that similar homes are selling for now.

4. Can you afford the loans for these projects? The money you borrow will be around 10% to 14%. Any little cost that causes you to go over time is going to cost you in the long run. The bottom line is that you have x amount of dollars and you will save more of that money if you turn the property around as quickly as possible.

5. Have patience. When looking for ideal properties, don’t fret if the first few aren’t what you are looking for. You might have to go through 10 properties to find the right one. Do your homework before starting the project and have some extra funds set aside in case things go wrong.

If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.