Flipping properties can be a great way to make money or just a fun hobby. Whether you’re looking to invest some cash and turn a profit or just hone your home improvement skills, here are our 7 must-have tips for flipping properties!
1. Find the Right Deal
This point is probably the most important. You must know the real estate trends in your target area. If you can’t tell what’s a good deal and what’s not – you may need to invest in another industry.
2. Find the Right Area
Some houses are not meant to be flipped. The area isn’t ready. Find a growing area – not a decaying one.
3. Don’t Get Greedy
Some houses are going to be too much. Sure, it’s hard to walk away from a flip worth $100,000. But the initial investment of $500,000 may be too steep. Play within your means.
4. Get Help. Or a Mentor
Find someone willing to help you grow in the industry. Go to meetings. Find local organizations. Reach out to old friends. There are a number of ways to find someone to help you navigate the business of flipping houses.
5. Control Spending
Know how much you will spend and what you expect your return value to be. Try to control overspending. Flipping houses can be a lot like gambling – it’s easy to overspend on a hot streak. But keep your builds manageable.
6. Finding the Right Opportunity
Not all houses are ready to be flipped. The right house is a mixture of location, possibility, and the willingness of the seller.
7. A Go-To Contractor (or Group of Contractors)
Don’t expect to be able to tackle every project on your own. Have a go-to guy (or gal) for some common projects. This can help you stick to a timeline and free yourself from some of the hassles of home repair.
You be the visionary; set the contractor to the operations side of things. Plus, that relationship can work both ways. You contractor can alert you to future investments, other workers, or even cheaper prices on countertops or other necessities of the flip.
Need help or want to avoid the hassle of flipping properties on your own? Give us a call at 469-701-1666 or fill out an online form to get started!