Successful House Flipping: 17 Tips for 2017

Successful House Flipping: 17 Tips for 2017

Here are 17 secrets to help you make 2017 your most successful house flipping year ever!

1- Be Willing to Invest Your Time and Efforts

Flipping houses is not a get-rich-quick scheme. You must be patient and willing to invest your time and efforts to the cause.

2- Educate Yourself on the Process

Learn all you can about the process of flipping houses so you can avoid making mistakes and losing money. Attend real estate workshops, such as Success Path, to learn the ins and outs of the business, how to avoid potential pitfalls, and how to make the most money from each deal. Find a mentor who will coach you, advise you, and encourage you.

3- Network, Network, Network

In this business, it pays to know the right people. Talk to everyone you meet and take every chance to find hidden opportunities.

4- Work with the Right Team of People

To be a good flipper, you must work with the right real estate agent, home inspector, appraiser, lender, attorney, and contractor.

5- Don’t Use Your Own Money

Lower your personal financial risk by not using your own money to pay for a property. Instead, gather the needed cash from investors, such as private money lenders, partners, hard money lenders, friends, and family.

6- Find the Right Neighborhood

When it comes to finding the right investment property, perhaps the most important factor to consider is its location. People only want to buy homes in safe, appealing neighborhoods.

7- Look for the Biggest Profits

Just because a house needs a lot of work, doesn’t mean it’s a lost cause. If you get it for a great price and are smart about the renovations, these houses can possibly get you the greatest profits.

8- Don’t Underestimate Your Costs

This is an easy mistake to make. Work with an experienced inspector and contractor to get the closest cost estimate but always budget an extra 10% for the inevitable surprise.

9- Set Your Strategy

Before you start work, make a strategic, detailed, and realistic timeline.

10- Focus on Kitchens and Bathrooms

These two rooms cost the most to renovate but they also are the ones that make or break a sale. Plus, they bring in the most profits!

11- Keep with the Classics

Instead of following design trends that fade quickly, keep with the classics. They always look good and will appeal to the most potential buyers.

12- Compare Comps for Correct Pricing

When deciding on a listing price, compare your house with comps in the area so you can be sure to sell it fast.

13- Create the Perfect Marketing Plan

There are so many fun and fresh ways to market your house! A few ideas that are sure to garner attention are creating a website for each home, posting professional photos and a video tour, enhancing your advertising on top real estate websites, and using social media.

14- Describe the Details

When advertising and during an open house, be sure to list everything that was fixed, replaced, and updated. Describe all the fine details the home has to offer such as crown molding, whirlpool tub, etc.

15- Spend on Staging

Professional stagers know how to make any home desirous to live in by using the right furniture layouts and decor to make each space shine.

16- Don’t Take It Personally

Throughout the renovation, decoration, showing, and dealing, remind yourself that it’s not personal. It’s business.

17- Clinch the Deal

You got an offer! Great! But don’t celebrate just yet. Remember, the deal isn’t done until you have the money in hand. Be persistent and close the deal.

Flipping a house isn’t always easy but when you fully embrace these 17 secrets, you are likely to enjoy a great success path to real estate with it in 2017.

Categories: Home Improvement

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