Flip Houses as a Full-Time Career
Before you decide to start flipping houses, be sure to know exactly what you're getting into.
Before you decide to start flipping houses, be sure to know exactly what you're getting into.
Flipping houses is a full-time career. It's not a weekend job or something you do when you're bored. It's not just a way to make some extra cash on the side—flipping houses can be an incredibly lucrative venture if done correctly.
Do you have what it takes to be a successful house flipper? Before you decide to flip houses, take a look at some of the character traits necessary for success.
Now that you understand the necessary skills house flippers need to be successful, let's talk about how to get started.
Now that you've decided that flipping houses will make up a large part of your income, it's time to decide what kind of business structure works for you. There are several different options, and each has its own advantages and disadvantages. The most common are:
Next, you'll need to find properties to flip. Look for houses that are in good condition and have lots of potential for renovation. Be sure to check out the location, neighborhood, and school district before deciding on a property. You want to look for a house that's located in a pleasant area with solid schools nearby.
In addition, make sure you've got enough cash on hand to cover all the expenses associated with flipping houses—if not, find partners who can share some of your burdens (and profits).
The most important part of flipping houses is the actual flipping. It's not enough to find a good contractor, get him or her licensed, and then sit back and hope for the best. You'll want to be hands-on in this process as well.
It's good practice to get an experienced contractor involved early on in the process so that he or she can help you choose your materials and make sure everything goes smoothly when it comes time to construct your home after closing on the property itself. This person will also be able to guide you through all aspects of working with contractors themselves—from making sure they have all necessary permits, licenses, insurance policies and contracts signed before beginning any work at all; through finding reliable suppliers who will provide quality materials at competitive rates; right up until negotiating fair prices with subcontractors once construction has started (and ensuring that everything happens according).
If this sounds like too much effort for you at first glance—and let's face it: it probably does—take inspiration from those before us who've made their fortunes doing exactly what we're suggesting! In fact, many successful "flippers" will tell you how much easier things were once they'd found competent professionals whom they could trust implicitly with every aspect of their business ventures.
There are numerous ways to finance a flip. Here are a few of the most common ones:
When you've flipped a house, the last thing you want to do is rush the sale. If your house doesn't sell right away, don't panic - there are plenty of buyers out there who are in no hurry to purchase the property. The key is finding them and building relationships with them over time.
Here's what works:
You need to be prepared to work hard and put in long hours—but the end result will be worth it.
You also need to be prepared for the unexpected. There may be times when a project takes longer than expected, or when unexpected expenses crop up. Fortunately, these can be planned for by setting aside money in an allowance account or investing in an emergency fund (you'll want at least six months' worth of living expenses saved up).
Be prepared to spend money on your business as well as make money from it: if you don't have enough cash available in reserve then don't even think about starting out as a house flipper!
The most important thing is to do your research and make sure you know what's involved with each step of the process. This way, when you begin flipping houses full-time, it will be easier for everyone involved!