The days of flipping houses being a lucrative side hustle are over. Or are they? While the market has changed and the process is definitely more challenging than it was a decade ago, there are still opportunities out there for those looking to get into the real estate game. If you’re thinking about flipping a house, here’s what you need to know.
First things first: what is house flipping? House flipping is the process of buying a property, making renovations, and then selling it for a profit. It’s not as simple as it sounds, but if you do your research and find a good deal, the rewards can be considerable. Just remember that you’re going to need to be prepared to put in a lot of work! Are you up for the challenge?
Here’s How to Do It Yourself!
Flipping a house is definitely not a get-rich-quick scheme; it’s a long-term investment that requires time, effort, and money. But if you’re careful and patient, it can be a great way to make some serious cash. So how do you get started? Below are some tips on how to DIY flip a house:
Find a Good Deal
This is where most people fail. You can’t just buy any old property and expect to make money off of it. You need to find a property that is below market value and in need of significant repairs. Look for properties that have been on the market for awhile or that have recently had a price drop. These are usually houses that have been sitting vacant or that have been foreclosed on. Research repair costs before making an offer so you know exactly how much money you’ll need to invest.
Get Financing in Order
You can’t flip a house without money, so this step is crucial. There are several ways to finance your flip: You can take out a loan from a bank or credit union, use your own savings, or look for investors who are willing to contribute money in exchange for equity in the property.
Make sure you have everything lined up before making an offer on a property so you don’t get stuck with something you can’t afford.
Perform the Repairs Yourself
This is where the real work begins! Once you’ve bought the property, it’s time to start fixing it up. If you’re not handy yourself, hire contractors to do the work for you. Again, make sure you’ve researched repair costs ahead of time so there are no surprises once work gets underway.
Put the Property Back on the Market
Once repairs are completed, it’s time to list the property and find a buyer. Work with real estate agents in your area to come up with an asking price that will allow you turn a profit while still being attractive to buyers. Have patience—it may take awhile to find the right buyer, but when you do, congrats! You’ve just successfully flipped your first house!
If you want to flip houses like a pro, but don’t know where to start, have no fear! I’ve put together a full online course guide on how to get started flipping houses for beginners.
Just click the link below to learn more.
Course on DIY House Flipping, here!
