February 15, 2019 | Buyers

Do you have what it takes to be a good house flipper?

Do you have what it takes to be a good house flipper?

 

As like most professions, there are many different types of people that can be successful at flipping houses. We’re going to go over some things you can have in your tool belt that will give you an advantage.

  1. Being handy can be a huge advantage, this means you can do a lot of the work yourself and can help keep the renovation cost down.
  2. Having a network of tradespeople is also important, you want to have good tradespeople that are readily available, which isn’t an easy task. Part of a successful flip is keeping the carrying cost down, so you don’t want to be held up because your plumber isn’t available.
  3. You need to have lots of knowledge about the real estate market and neighborhood. A good realtor can help ensure that buy the right house in the right location for resale.
  4. It is important that you do not get emotional when buying a flip. Know before you put an offer in on home what your walk away price is and stick to it. This can be harder said than done. When determining what to renovate and what material to use you must always keep the bottom line in mind.
  5. If you have a flair for design this will help a lot when flipping houses. If you don’t then make sure that you have your realtor or a good designer help you with selecting the right finishes.
  6.  A good flipper will seek and listen to the advice of others.
  7. Most flippers work long hours to minimize the amount of time that they take to flip the house. This will reduce your carrying costs and minimize your risk of the market changing. Just like the weather the further out we are predicting the less chance we have of being accurate. Therefore, is important as a flipper that you have lots of time to dedicate to each project.

Here are some tips on what to look for in a house you are planning on flipping!

Do you think you have what it takes to do a flip? Let’s talk.

GoWylde Newsletter