House Flipping for Beginners

Monday, June 2, 2014

TV shows make it look so simple: you buy a fixer-upper, renovate it, and then sell it for a whopping profit. However, ask anyone who has ever tried house flipping personally, the task is a lot harder than it seems. To maximize your property investment project, consider these tips.

Be in the know.

You need to be able to pick the right property to be successful. You also need to know which renovations to prioritise, which can be put off for later, and which can be skipped altogether. You must likewise be knowledgeable about tax laws and when to cut your losses and abandon the project before it becomes a money pit.

Start early.

House flipping is a time-consuming project. Not only do you need to allot some time to find and buy the right property, you may also need a month or two to fix it up depending on its condition. Plus, when finished, you also need to have the property inspected to ensure it complies with building codes. The point is, make sure you have ample time to do everything that needs to be done.

Do some—if not most—of the work yourself.

The real money in house flipping comes from being handy with house tools. Hiring a professional to do all the work reduces the odds of profiting from your investment. Thus, you may want to brush up on your DIY skills or call on your closest friends or relatives to help you out.


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