House flipping can be a very lucrative career choice, but there are many factors to consider. It’s not something you want to quit your day job over on a whim without spending time weighing the pros and cons. You may find yourself watching house flippers on television and think to yourself it doesn’t seem that hard, but like anything, it doesn’t come without challenges.
There are also huge financial risks involved in the house flipping business because there’s no guarantee that you’re able to sell the home you worked on. Being able to fix up a home and make it many times better is very rewarding, so definitely do your research and determine if it’s the right move for you.
Location Makes the Biggest Difference
Before buying a home to flip, you want to learn as much as you can about the neighborhoods. Research and find out how much homes sell for in particular areas. You can work closely with someone knowledgeable about certain areas to find out which ones have the most potential for a house flipper.
One of the biggest mistakes you can make as a house flipper is buying a house in an undesirable neighborhood and then never selling the house you put time and money into. You may see a house that looks like a really good deal, but it can be on the market for a low cost because of the location. Don’t jump into anything without learning everything you can about the real estate market in specific areas.
You’ll Want a Home That Needs Very Minimal Repairs
Another thing you’ll want to pay close attention to is exactly how much work will be involved in flipping the house. If you pick a house that needs a significant amount of work, you may find yourself way over budget when it comes to renovations. The repairs needed should be mostly cosmetic, which can be inexpensive and do not require too much time or effort. You need to pay close attention to the plumbing, HVAC system and water heater to make sure everything is in good condition. Some issues may be very minor and can easily be repaired. If you find you may need water heater repair in San Diego, for example, try to find someone with experience and good rates.
Curb Appeal Shouldn’t Be Overlooked
The exterior is what potential buyers see first when viewing the home. It’s going to give them their overall first impression of what you have to offer. If the outside has not been maintained at all, chances are, you’ll have a hard time selling the house. Spend time trimming the hedges, power washing the siding, giving the front door a brand new coat of paint, and add new shiny numbers to the house. You’ll also have good luck if you plant colorful flowers and add potted plants to the front porch.
You Need to Be Skilled in DIY Repairs
Flipping a house is all hands-on work, so you need to know what you’re doing in order to succeed. It’s okay to learn as you go, but you need to go into this type of business with some skills. Having a team of people helping you with this project is essential because house flipping is often too big of a task for just one person. With multiple people working on it, you’ll be able to spend more making sure no details are overlooked, such as tackling any mold issues you may have discovered.
If you’re ready to jump into the world of house flipping, talk to other house flippers and see if they have any good advice to offer. Join groups on social media dedicated to house flipping to have other people with more experience help you along the way. You can also check out some of the top books on house flipping to learn how to maximize your profits
