If you’ve been inspired to dip your feet in the house flipping business, be warned: it’s not as easy as they make it seem on television. It takes guts, business savvy, and experience — all of which you usually learn on the fly. To help ease you into the practice, here are a few tips that can help you go from amateur house flipper to a professional.
Take a Good Look
Many beginners may get over-excited after looking at their first house and, on impulse, decide to buy it immediately. You may think to yourself “This is the best deal you’ll ever find and you won’t find another good deal!” Choose a city, say Tauranga, and view at least twenty different properties in the area. You may find that there are similarities between these properties. Finding these similarities will help you be more objective in evaluating the house you choose. One house may need roof repairs, another a kitchen overhaul, or other necessary renovations before you could even think of selling. The only way to develop a proper instinct for this is experience. Study each property carefully before choosing which one to buy. Over time, you’ll develop that instinct for the right deal.
You don’t have to be there
You don’t have to personally visit every house for sale to analyse hundreds of properties. Taking the time out to visit each location could mean you will only be able to look at five or so houses at a time. Take advantage of modern technology! Look through websites that showcase a variety of images of their properties for sale and start there. But again, a warning: never purchase a house without making a physical inspection. Doing this can turn up nasty surprises — things that are not included in the images but are crucial in making the decision whether or not to buy.
In the end, location is one of the primary categories for successful house flipping. Have a target market in mind when making your choice so you can create a house they can imagine living in, making your flip just a little bit easier to accomplish.