A flop happens when unprepared or over-confident investors charge into a house flipping project without doing their homework. If you want to make money flipping houses, here are 4 don'ts you should keep in mind:
Don't forget to check out the neighborhood before you buy. You'll want to make sure that the property you're considering is a good fit for the neighborhood. You should also take time to make sure that the plan you have in mind for the property will match well with the other neighborhood residents in order to guarantee a quicker sale.
Don't blow your budget without just cause. If you blow your budget and can't recover the extra expenses in the selling price, you'll have seriously cut into your profits. The goal in property flipping is to get in and out quickly and spend as little money as possible in order to make as much as you can.
Don't forget to set daily goals and hold yourself accountable. If you don't reach your goals for the day it can set the entire project back by as much as a month depending on the goals and what has to be rearranged as a result. Stick to your timeline and your daily schedule in order to avoid costly delays in time and money.
Don't neglect the exterior. Curb appeal is what brings buyers into the property. If you spend all your money, time, and effort making improvements to the interior of the home you will have little left to make the outside appealing to potential buyers.
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