6 Tips for Flipping Your House

How do you make a house flip and not flop? While house flipping is a learned art, there are TV shows and books aplenty that address this popular real estate investment tactic. It’s not easy, but it’s not impossible. For first time flippers or seasoned pros, we’ve got six great tips to help you flip your house in any city- Houston, Los Angeles, New York, Chicago or Philadelphia.

  1. Location, location, location:

    You’ve heard it before, and we’ll say it again. Location is extremely important when considering buying a house to flip. Additionally, you need to think about price, timing, and the property itself. Begin your flipping quest in the right location, and you’ll have a head start.

  2. Patience, Grasshopper:

    Second only to finding the perfect place is finding the perfect time. Many new house flippers become impatient, and the term “flipping” lends itself to thinking short term. But the most successful flippers know when to hold ’em and when to fold ’em. There’s a time and place for everything, even flipping your house.

  3. Mind your resources:

    Don’t sink too much money into a renovation if you’re not sure you can sell the house effectively for a profitable price. Sweat equity is the key to house flipping, and you want to make sure you’ve budgeted your time, money, and energy to engineer the best results. Expensive home fixes may not add as much value to the house as a little elbow grease.

  4. Do your homework:

    Knowing a city, neighborhood, property, and the market intimately can be a powerful force in your house flipping success. Research, read, and speak with others in the community or house flipping business. Putting in the time to learn these things for yourself can only make it easier later.

  5. Bank your time:

    If you’re in a hurry to flip a house, chances are you’ll cut corners somewhere. This could mean that you don’t completely finish renovations, or that you hurry yourself into a lower profit margin. When flipping a house, spend the appropriate amount of time on all facets of the process. Whether it’s research, renovation, or re-selling, you need to put in the time and effort to achieve the result you desire. This doesn’t mean go slow, as the market won’t work in your favor. But there’s no need to make hasty decisions if you’re trying to learn how to house flip.

  6. Find an agent:

    House flippers are often of the do-it-yourself ilk, but enlisting a real estate agent could save you time, effort, and money. Whether looking for a property or looking for a seller, working with an agent can streamline the house flipping process. You may have to pay them a commission, but you’re more likely to find quality homes and future homeowners. Best of luck!

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