Is flipping houses a real thing or just something fun to watch on TV? Yes, it is a real thing. In fact, more than 6 percent of all U. S. home sales in 2019 came from flipping. TV may make flipping houses look easy, but it is not. It comes with effort and financial risks, yet it can be fulfilling and profitable.
Pros and Cons of Flipping Houses
The pros of flipping houses include generating a good profit and helping to improve neighborhoods and home values. The cons include some financial risk, the possibility of dealing with renovation issues, and some potential for real estate issues.
10 Tips for Flipping Houses
It is important to learn everything you can about flipping houses. This isn’t something that can be tackled on a “whim.” Use these tips to help you succeed with flipping houses.
Start with a plan and a realistic timeline. Know your goals and your limits. Don’t try to over-extend.
Create a thorough budget.
Learn about the real estate market that you want to work in.
Develop a solid team that you can rely on. The team can include contractors and sub-contractors, real estate agents to assist with sales, real estate attorneys, and a professional CPA with relevant experience.
Develop the financial sources that you will need for capital funding.
Look for the right properties. That may take some patience. Avoid undesirable areas.
Make a good offer, one based on a good value assessment of the property, the cost of renovations, and a good forecast of the selling price and potential. Don’t overpay.
Make smart renovations that will impact the value and stick to your budget.
To sell the property, get expert real estate advice and selling assistance.
Market the property sale aggressively using social media platforms and excellent photography.
Seek Expert Financial Assistance
Contact Northgate Capital Finance based in Columbus, OH for financial solutions to address your capital needs. Our experienced financial professionals can help you secure funding to meet your business’s financial plans and goals.