How to Flip a House

• Real Estate Tips
• February 8, 2023

T.V. Shows Can Make Property Flipping Look Easy and Stress-Free

House flipping has gained popularity over the last decade, but it can be a much more complicated process than you might think. Despite what you see on 30-minute home improvement T.V. shows, flipping a house can take a lot of time and effort. It’s not just making fun design choices– you must make wise investment decisions every step of the way if you want to turn a profit by the end. 

The good news is that you can easily learn about implementing a house flipping correctly! If you follow these steps and tips, you may save yourself a lot of money and unnecessary stress. 

Below are the steps and tips involved with successfully flipping a house:

1. Learn What House Flipping Is Exactly

House flipping is simple– buyers can purchase distressed properties, rehab them, and then sell them for profit. You can find properties to flip via bank foreclosures or property auctions. 

Find houses in lousy shape and sell them for cheap, then figure out which renovations will increase their value. The goal is to make money selling the home after the flip for a higher price than you originally bought it. 

Generally, renovations for each property should take a few months to a year. If you spend too long flipping a house and it sits on the market, you may lose out on potential profits. 

2. Research the Local Market and Make a Purchase

A lot of grunt work is involved before you can begin a house flip. If you skip real estate research, you could jeopardize your profit margins and waste valuable time in the wrong area.

Look at comparable properties in the neighborhood to find out what is selling and what isn’t. Is there a particular trend of houses that are more popular now? Is there a reason certain areas aren’t attracting potential buyers?

You may not be able to figure out precisely what your property will sell for, but you can get a good idea by doing market research beforehand! Buying a property just because it’s cheap can lead to preventable problems later. Consider hiring a realtor to help you understand the local area and find a suitable property!

3. Assess Your Skill Sets and Hire a Team

Do you have any experience with construction, real estate, or design? All of these areas can be useful when you want to flip a house, but you don’t need to be an expert to complete the process. If you lack specific skills in home renovation, you will need to hire a construction team to take over. You will also need to do research before finding the right contractor– consider asking for recommendations from friends, and family. Or, just look online!

Choosing the right contractor for your house-flipping vision may require interviewing several contractors!

Start Your House Flipping Journey Today

If you’ve always wanted to live out your HGTV dreams and flip a house, you’ll want to meet with a knowledgeable realtor. You can contact Linda Moore for more information about potential properties for flipping today!