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What is house flipping?
House flipping is when a property investor buys a house with the intention to fix it up and quickly resell it. Typically, they’ll buy the home, make necessary repairs, upgrade the systems, style, and design of the property thus adding value to it, and sell the house at a profit within a few months.
House flipping can also refer to purchasing and reselling properties in a market where home valuations are on the rise. In this scenario, an investor might spot a foreclosure or low-priced deal, purchase the home, and wait a few months until local home values increase. Then they’ll relist the property at a higher price point. This is different from the fix-and-flip type of home flipping, in which investors actually repair and upgrade the home before taking it to market.
House flippers take homes that most homebuyers aren’t able or willing to renovate, and improve them to the point where they meet buyer demand. Keep in mind that the average homebuyer wants a home that’s move-in ready.
A fix-and-flip is the ultimate strategy for quickly making money on a property. In order to make quick money, flips require fast and costly action. Unfortunately, because of the timeline investors give themselves, they sometimes resort to more expensive options in order to save time and get the property quickly renovated.


Here are some tricks on how to optimize costs in order to truly make a flip a fast and lucrative investment:

1. Research a range of real estate markets
2. Set a budget and business plan
3. Line up your financing before you need it
4. Start networking with contractors
5. Find a house to flip
6. Buy the house
7. Renovate
8. Sell it


Final thoughts
Learning how to flip a house and doing your first deal can be stressful. Lean on other experts, from your lender to your contractors, to your home inspector, and your realtor. When in doubt, get a second opinion, and a third.
Flipping homes is a team sport – never stop building your professional network.
Lastly, lean on the advice of experienced house flippers who have gone before you. Learn from their mistakes, so you don’t have to make them on your own.
But most importantly, just start taking these steps! Research and preparation will help you avoid mistakes, but it’s action that will create successful results and earn you profit.


#RealEstateInvesting #HouseFlipping #BeDifferent

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