A handful of shows on TV have featured house flipping as a way of life. They show the ups and downs of getting into the business. It looks like fun and you might be wondering if it’s something that you should get involved with.
You can decide if that’s the case by taking inventory or your personality and what you have to put into it. Flipping houses is going to be a pretty serious time commitment.
Though it looks quick on TV, reality is different. You need to be someone who has the amount of time that it’s going to take to dedicate to a project. If you’re stretched too thin right now, then you need to wait until you have the time or have someone Do it For you (like us!).
You’re going to have to hire someone to help you. To get involved with house flipping you need to have a team that you can work with. You may have an electrician, a plumber and several other people who can professionally do whatever task is needed. A general contractor can handle a lot of this for you
You must to look at the cost involved. You need to be able to know how to find a good home to invest in. A good flip home should be priced low enough so that after you repair what needs to be fixed, you have a tidy profit.
That means you can’t pay market value for a home. You will need to find the “fixer uppers” that don’t have serious issues in established or even high end neighborhoods that you can afford i, buy, bring the condition up and then sell.
You do have to be able to buy that house, which means you must have some sort of financing ready. This is a step that should be decided before you even look at homes to buy.
To decide if house flipping is right for you, you want to examine your reasons for going into it. If it’s because you think it’s something that’ll make you rich fast, then that’s a wrong reason. This is certainly a good way to make money, but takes time and effort for sure…
You can make a lot of money flipping houses, but it’s not something that you can rush. It’s something that builds your income house flip after house flip. Your first flip or two is to get you started.
There will always be risk involved in real estate properties just like in any other venture, but the rewards you stand to reap can be substantial. If you have some money already on hand that you can invest in buying a flip house, you’re a hard worker and you don’t give up easily when faced with challenges, then home flipping is probably right for you.
Give us a call, or hit us up on Facebook to discuss your options