{"id":19668,"date":"2019-04-03T06:27:06","date_gmt":"2019-04-03T06:27:06","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=19668"},"modified":"2019-04-03T06:29:43","modified_gmt":"2019-04-03T06:29:43","slug":"the-basics-of-flipping-houses","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/the-basics-of-flipping-houses\/","title":{"rendered":"The Basics of Flipping Houses"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Investing in real estate is a lucrative way to earn a living. Some people buy property to flip in an effort to make additional cash along with their salaries. Others are content to invest full time and make it their livelihood. What\u2019s your idea of house flipping success?<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">As you most likely know, there is great potential to make solid returns when flipping houses. But this doesn\u2019t happen by accident. You can\u2019t buy a house and flip it and expect to be successful if luck is your only guide. In fact, if you hope to get lucky with one investment after another, you\u2019re most likely going to lose more money than you\u2019d care to admit.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">So, to achieve success in this endeavor and become a house flipping mogul, you need to begin by learning the basics. That\u2019s the perfect place to begin at the start of your journey. And it will allow you to establish a foundation that will set you up for flipping success for many years to come.<\/span><\/span><\/p>\n<p><a name=\"_GoBack\"><\/a> <span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Are you ready to <a href=\"https:\/\/breia.com\/how-to-get-started-flipping-houses\/\">learn the basics of flipping houses<\/a>? Keep reading to discover the best info to begin your journey on the right foot.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\"><b>Choosing the Ideal Investment Property to Flip<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Getting started might seem easy on the surface but it\u2019s critical to get this part right. You may think that it will be easy peasy to find and buy a property that needs work. But there\u2019s more to it than that. At this stage of the game, you have to be willing and able to do your research. It may seem boring on the surface, but this part is vital to your investment success.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">How is it vital? Well, you not only have to find a house, but it also has to have potential to be desirable to other buyers. You need to find something that was beautiful at one point but the previous owners let it go and never kept up the place. And it needs to be in a desirable neighborhood that your ideal buyer wants to live.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Remember, you\u2019ll have to sink a pretty penny into this house to make it look attractive and desirable to new buyers once the renovations are completed. So you can\u2019t spend too much money to acquire it because you may have a hard time flipping it at a profit after the remodeling is finished, but we\u2019ll get into this in greater detail below.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">So, at first you need a rundown house with good bones in an even better neighborhood. Because once you give it some TLC it should be a lot more valuable than the amount you paid. It\u2019s your best bet at winning in the flipping game.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\"><b>The Math Behind a Quality Property Flip<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">You discovered what appears to be a great property, but now you have to determine if the math adds up. Because if it doesn\u2019t, you may find yourself in an expensive losing scenario and nobody wants that, right?<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">So, first things first. You have to know and stick within your budget. If your total budget is $150,000, give or take a little more, you can\u2019t spend over this amount with a combined sale price and renovation expenses.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">As an example, let\u2019s say you find a gorgeous single family home in a great neighborhood for $120,000. You look it over with your contractors and determine it will cost $45,000 to fix so it\u2019s ready to be put back on the market.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">What happened in this scenario? You overextended yourself by $15,000 which is no good. Even if you can borrow the additional capital for renovations, there\u2019s no guarantee you\u2019ll sell the place fast enough to pay back the money in a timely manner. So find something that fits within your budget and never deviate because your chances of failing become much riskier.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\"><b>Purchasing the Property<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Buying the property itself needs to be treated with the utmost care and consideration. There are certain scenarios that are much better to purchase a house in than others. Like when a homeowner is on the verge of being foreclosed and the mortgage company is about to take their house, their credit, and everything they\u2019ve invested into the place.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Guess what? You can make great purchases when a homeowner finds themselves in difficult financial situations like a foreclosure. Because life stinks sometimes and people are forced to sell their property for numerous reasons even if they really don\u2019t want to. So make the most of these situations and don\u2019t feel like you\u2019re taking advantage because you aren\u2019t. You\u2019re actually helping the homeowner solve their current financial crisis and you\u2019re making a solid investment at the same time.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\"><b>Fixing Up the Place<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Getting your renovations started right away is the key to success in the property flipping game. As you can surmise, the longer you wait, the less profitable you\u2019ll be. You\u2019ll have to pay property taxes and upkeep and electric bills and water bills and other expenses for an extended length of time if you take your sweet time getting the renovations finished so don\u2019t wait.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Are you fixing the house up yourself? Or are you hiring a contractor? Either way, you have to take steps to get the ball rolling as soon as you take ownership of your latest investment. Remember, time is money so the longer you wait the more money you waste.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\"><b>Putting Your House on the Market<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">It\u2019s time to sell your beautifully renovated home. Get excited! The big payoff is about to happen.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Consider two options: selling the property yourself or listing it with a real estate agent. Both methods have their merits but only you know the best option.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">If you have the time, skills, and resources, you\u2019ll save a bundle on commissions if you sell it yourself. If you\u2019re pressed for time and have no clue how to sell a house, pay an expert to handle the heavy lifting on your behalf. It will be worth it just to sell the property faster.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\"><b>Conclusion<\/b><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, serif;\"><span style=\"font-size: medium;\">Entering the house flipping game has the potential to be really lucrative and many investors live great lives because of this industry. Do you have what it takes to be one of them? Use this information to get started and you\u2019ll soon be on the path to house flipping success.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investing in real estate is a lucrative way to earn a living. Some people buy property to flip in an effort to make additional cash along with their salaries. Others are content to invest full time and make it their<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/the-basics-of-flipping-houses\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":19669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[16],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2019\/04\/Before-and-After-flip.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/the_basics_of_flipping_houses","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19668"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=19668"}],"version-history":[{"count":1,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19668\/revisions"}],"predecessor-version":[{"id":19670,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19668\/revisions\/19670"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/19669"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=19668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=19668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=19668"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=19668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}