Flip Houses Like an Expert from TV
You’ve seen the television shows – Americans love a good house flip. Flipping a house means buying a property for a low price compared to other properties in the local market. Usually, it will be cheaper because it needs renovations. Once the renovations are complete, you can sell the house for a profit.
You might not know that Australian and New Zealand investors can flip properties in the U.S. and make a good profit. It is entirely possible to flip a house just like they do on Flip or Flop, Flipping 101, and Property Brothers.
The shows might make you believe that they are there everyday – but in fact, they are barely there and they don’t need to be. They are able to manage the entire process from anywhere at anytime using tried-and-tested processes, systems and techniques that you can adopt too.
The reason I say this is because investing in U.S. property can be easier than buying property in Australia or New Zealand, as there is usually a lower buy-in price.
Why Flipping a House is Great for Cash Flow
Buying a property in the U.S. can be very affordable, especially at the lower end of the property market. It’s easy to grab a property in the U.S. for less than a downpayment in Australian or New Zealand.
A typical example will be buying a house valued at $100,000 USD. You then renovate the home for $40,000, including a new kitchen, new bathroom fittings, painting, and new carpet. This approach results in a typical 20% ROI which are numbers we don’t typically see here.
You now have a chunk of cash to invest into your next flip property or provide a deposit towards an Australian or New Zealand home. Flipping a property means you can access the cash or equity in the property much sooner than if you wait for the property value to increase naturally over many years.
How Americans Make Money By Flipping Houses
Flipping houses is becoming a popular way to make money in the U.S., but you must know what you are doing. Otherwise, your flip may become a flop. It’s one of the reasons why there are so many popular television shows about flipping property.
The best flippers know how to manage a team, understand the market, and work to a budget and time restraints. All of this can be done from afar or even abroad. This is why our Fix and Flip Academy focuses on predominately on these skills rather than the ‘what to change’ aspects of property flipping.
How to Make Flipping Houses Work For You
There are several steps to getting your flip right. You want to find the right property, usually in a growth area or an up-and-coming trendy suburb. The adage of buying the worst house on the best street is primarily factual, providing that the home has firm foundations and won’t cost you a fortune to repair and renovate. However, sometimes you are better off buying a slightly better property with an excellent structural base.
Plan your renovations and stick to your budget. When flipping a house, you do not intend to live in it, so your choices are about what will appeal to potential buyers. Paying slightly more for luxurious finishes like fancy taps can sometimes pay big dividends when it comes to the sale price. Some properties don’t need complete renovations, but a good quality paint job and new finishes can brighten any house, adding thousands to the price.
Doing your research, including learning from others who have successfully flipped houses in the U.S., will help you to choose the right home to flip and manage the renovations from overseas. Building a trustworthy team is a make-or-break when it comes to flipping.
Communication is critical when purchasing, renovating and then flipping your U.S. property. Working with someone in a different timezone can be tricky, so it is always great to look for onshore resources who specialise in your investment country. This way they can help you understand the market over there and also the practical side of running it from over here. Think about avenues such as membership groups, property coaching or a course. Having experts who know how to achieve your financial goals in your corner makes all the difference. You can train yourself to learn more about the U.S. property market.
When your property is ready to sell, you’ll need to create excellent marketing to achieve the highest price. It would be best if you had a real estate agent you could trust to sell your property well. If you are part of the Fix and Flip Academy, you will have instant access to our boots on ground directory which is full of used, trusted and creditable professionals.
It is possible for investors from Australia and New Zealand to successfully buy, fix, and flip property in the U.S. Savvy investors know when to get help. Flipping a property in the U.S. can provide you with a decent profit in a few months instead of waiting several years for your investment to appreciate. Star Dynamic’s Fix and Flip Academy offers all the support you’ll need to flip U.S. properties successfully. You’ll receive full training in how to use a U.S. property to make money.
