10/18/2021
Just like any other house, starting a venture in flipping houses requires a solid foundation. Flipping sounds easy, like how you can effortlessly flip pancakes in the morning or flip your coin whenever you want. But when it comes to houses, it’s far from easy.
House flipping requires loads of capital, time, effort, skills, and a huge amount of faith in oneself. How can one master the art of ‘flipping houses’ -- from the very beginning of the process into a very profitable and sustainable business?
You can’t just roll the dice and wish that your very first flip won’t flop. Of course, there won’t be any secret recipes and shortcuts. You must be strategic, smart, and of course, stay on top of the game by putting both your heart and mind into it.
So how can you transform the damsel in distress into a cinderella-looking princess? When you buy a house at a pocket-friendly price, you can't expect that the cost of restoration will also be good for your pocket.
Some houses might only need repainting and carpeting, while others need an overall restoration. Along with the old baggage that comes along with the pre-restored home are the septic tanks, constant disapproval of the neighborhood’s association, and a lot more. If done right, you can earn your cash by making the old house the brand new wonder of the neighborhood.
Apart from being handy manny, you also have to learn to sell the house you built. You have to learn how to price right. Price the house too high and no one will buy it, price the house too low and viewers would be skeptical about it - plus your hard work will vanish like a bubble.
There’s no perfect strategy in house flipping that you could use in every scenario. You have to build your own and see for yourself which works the best. Of course, you have to understand all the elements that come into play and learn what worked and what didn’t from other flippers.
That's why networking with other flippers is important as well as keeping up with the latest trends.
Flipper's Weekly can give you both of those. Subscribe to our newsletter and learn the latest news and strategies and the pros use in house flipping!
