Flipping

FLIPPING is buying, renovating and selling a home for a profit.  Investors do it and so can you. There is no magical formula to ensure your success at flipping homes, however, here are some tips to help investors earn more money.

1. Do not get emotional about house flipping. Flipping is a business. If the numbers do not work, move on to the next property. Some investors make the mistake of becomming too attached to the home. They work to sell at a high price and end up holding onto the flip longer which reduces the profit. Know what the market calls for.

2. Curb appeal counts. Pay attention to the oustide of the home . If buyers are not attracted to the curb appeal, they probably will move onto the next property. They may never see all the upgrades done inside the house if they are turned off by the outside appearance and its surroundings.

3. Keep your personal tastes to yourself. Your flip needs to be attractive to "buyers", not you. Color is an important part of flipping homes. Stick to neutral colors especially when it comes to painting and choosing  the flooring.

 

 

 

4. Spruce up the kitchens and the bathrooms. These 2 rooms will increase the value of the home. Make sure that fixtures and appliances are in line with the budget you have made. If the kitchen and bathrooms look clean, sleek and updated, the house will sell faster and for a higher profit.

5. Time is money. Prepare a time line. Your time line is an important way to let contractors know when the next group of workers needs to be in a specific part of the house. One rule of thumb is to work from top to bottom and tackle the big work projects first.

6. Hire a good contractor. You cannot be at the job site all the time. This is where the contractor comes in handy. He can keep a close watch on your time line and an eye on the part of the budget that is his responsibility. He can keep track of problems and find solutions. The easiest way to find a good contractor is through referrals.

7. Be ready for paperwork. There are loads of paperwork that come with a flipping a home. The most important paperwork you will have deal with are permits. Obtaining permits takes time. Apply for them before you begin the work. Not having the proper permits can cause the work to stop and this will cost money. Keep a file for all the contracts and receipts for the project.