Flipping properties can be a very successful real estate endeavor, but it's not always as idealistic as it seems on TV. No matter how experienced you are in real estate, it's important to learn about the specifics of flipping properties to make sure you get started successfully.
LOCATING
In order to be successful in flipping properties, you have to find properties you can flip, and you need to find sellers once you've flipped a property. There are plenty of tools you can use to do this, from online databases to advertisements, so start looking for properties.
EVALUATING
Flipping shouldn't involve guesswork. Stick to a formula to ensure success. Here are some questions to ask about any potential property for flipping:
What's the property's current value, and what would it be after repairs?
How much will it cost to repair?
What would be the other costs associated with this property?
What are the main areas we need to focus on?
FINANCING
You need money to buy properties and money to repair them before you make any money. A great way to fund your house-flipping is private lenders. Private lenders are like traditional lenders, but faster and less expensive. Look into private lenders if you're interested in flipping but don't have the funding.
PREPARING
Flipping properties is complicated. You have to know what fixes will be most cost effective, and which ones might even be counterproductive. If you're unfamiliar with the details of flipping properties, I'd love to help you learn the best practices.
FLIPPING
Once you've rehabbed the property, start looking for buyers. Research the market and spend time finding the best deal. Using a real estate agent is extraordinarily beneficial in this stage, as we can help you find the best deals so that all your effort in fixing the property doesn't go to waste!