How to Go and Flip that House
51095
Finance > Real Estate
Oct 31, 2007
AjeetK
How to Go and Flip that House
The concept of house flipping has become quite popular as of late and is seen by the average investor as a means of making money relatively quickly through the use of real estate flipping. What is house flipping? Generally speaking, house flipping is a term that is used when one purchases a house with no intent other than to make a profit off of it. The house flipper will buy a house that needs significant renovations or work, and then they will have the work done themselves and sell the house for more than they bought it in order to make their profit. House flipping has become so popular in fact, that many people have gone into this business full time and use the profits from house flipping as their sole income. If you are considering house flipping as a career, there are a few things you will want to know about the process that may make your life a little easier. You do not need to be good at renovating to flip houses, but it is recommended that if you are not, you hire someone like a general contractor that can ensure that the work you need done is done properly. Hire someone with a good reputation and it is a good idea to use personal referrals for this when you are looking for someone. If someone you know has a good experience with a contractor, then you will likely have one as well. Your contractor is going to be your 'go-to guy' for all of your renovations and will meet you regularly at your property to ensure the repairs are met to your standards. Before you choose a house that you want to flip, investigate the surrounding market in that area. Many house flippers fall into the trap of overestimating how much their house will finally sell for and often end up losing money on their homes. See what the houses in your area are going for and conduct your calculations accordingly. It is rare that you will be able to sell something that is priced out of the market in a certain area, so the term buy low and sell high is something that is appealing, however can backfire if you don't do your calculations correctly. Your contractor will be able to give you an estimate on how much your repairs and renovations will cost. Add an additional 3-5% on top of this estimate as many times projects run over budget as just a simple fact of life. Your contractor is not trying to scam you, but this happens more often than it does not. If you are prepared going into the flip with these budgetary guidelines, you will protect yourself in the long run. Take the cost of your house and add this to the contractors estimate, and when comparing with the market values in the area, you should have a healthy estimate of the profit you can expect from the house you wish to flip. No two experiences with house flipping are identical, so always be prepared for surprises. In the business of house flipping, the more prepared you are, the more profit you will make.
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