If I had it to all over again I'd stick to the following house flipping tips like white on rice. Many people have dreams of enjoying the profits
that can be made from flipping houses, but few have concrete, step by step processes for doing it.
They hear lots of talk from others about how it can change their lifestyles for the best, but those same people offer very little about just how hard it can be, or the things that you absolutely must do in order to successfully flip a house.
Well, today is your luck day as I'm going to give you 5 house flipping tips that you need to hear...and best of all they're free...you won't have to spend a single dime for these invaluable tips.
1. Treat it Like a Business. Write down everything. Create an action plan and write down the
steps you'll need to carry it out. Break it down to daily, weekly and monthly goals with action steps to be taken and crossed off daily. Think in terms of taking small steps every day to get to the big event at the end of the month.
2. Establish a budget for the entire project. Develop a plan reflecting how much money you are willing to invest in the property, how much for renovations, and how much money you need to make in order to have the investment be worth your time. You'll also need to find out how much other homes in the neighborhood are worth, the value of your property "as is" and the estimated value of the property once improvements are made.
3. Have the property professionally inspected before you buy it. This is arguably the single most important detail that can save you a great deal of time, money, and heartache when all is said and done.Be prepared to walk away if the inspection determines that there is more work needing to be done than simple cosmetic repairs.
4. Plan your flip according to the needs of the area. Get to know the neighborhood and plan your flip accordingly, rather than to meet your your personal tastes. It should strictly be a business decision, so keep your personal tastes and feelings out of it, but rather put yourself in the shoes of buyers and implement your plan accordingly.
5. Remember that you are flipping properties to make money. Even the best planned flip may not go exactly as planned, so you'll probably end up with more sweat, tears and money in some than you planned on. Still, you'll need to have realistic expectations about the value of the property and a strategy that worked well for me was to always leave some of the equity in the property for the buyer. That way they felt that they were getting a good deal, too.
Summarily, these housing flipping tips can help guide you through the sometimes difficult process of flipping real estate from the beginning (buying) to the end (selling). And although it'll be a continually learning process these five tips will serve you well in every flip you do.
*Image courtesy of Stuart Miles at FreeDigitalPhotos.net