5 Necessary Steps to Flipping a House

Real Estate News Article

< Back

5 Necessary Steps to Flipping a House

Written By: Vincent Stokes
Sunday, April 26, 2020

1. Research the Real Estate Market

Not every market is the best choice for flipping houses. For example, if youre starting off with just 10,000 that you can work with out of pocket, you probably shouldnt start flipping houses that are being listed in the millions. It wont work out well for you and youll end up with less than you started with. The general rule of house flipping is the less cash you have to work with, the less the house should cost overall. That means that the first two questions that you need to answer are:

How much cash are you starting off with?

nbsp;

What market can you afford to work with?

You need to know where the neighborhood that youre planning on working with sits on the scale of A to D. A neighborhood that is >

2. Set a Budget and a Plan

Youd be setting yourself up for failure if you went into this without a real plan. It doesnt have to be fancy or crazy, or even super in-depth. You need to know how much youll think the flip is going to cost you and how much youre going to make off of it. Also, make sure that youre never buying anything that has major problems that you wont be able to fix within your budget. For your first house, you want something that you can flip fast and easy.

3. Find the Right House

The next thing that you need to do is to find the right house to start your work on. Again, this is where the neighborhood >

4. Renovate

Here comes the part that you were expecting: the renovation. This is one of the most important parts of the process. Youll be on the clock working on the house all day and into the night since the faster you can flip the house, the more youll make. Add features that make the house feel homey. Add a skim coat to the walls to make everything last longer and to give it an appearance of quality. Every month that you spend working on the house youll lose money. You have to pay to taxes, bills, and insurance. Because of all of that, try to finish the home as soon as possible.

5. Get Ready to Sell

The final step of the process is thankfully the easiest. All you have to do now is sit back and get ready to sell the home. Its up to you to set the price that you want to sell it at. You want to sell it low enough to make sure that the house is >

Once youve done that, you can move on to bigger and better projects.

nbsp;





Copyright© 2020 Realty Times®. All Rights Reserved

Updated: Wednesday, June 3, 2020

Barn Doors Aren’t Just Here To...
And now were looking around our house trying to come up with the perfect spot to add another...

Millie's Motion At The Annual ...
But wait Millie, a longtime resident, rises to her feet and says "Madam President, Id like t...

Forbearance News: Borrowers Ca...
The >Previously, there was some question as to whether borrowers would have to make a lum...

Copyright ©2020Realty Times®. All Rights Reserved

Housing Rebound: Factors to Consider
In Miami we have had an incredible year of growth with an ever shrinking supply of condos...

Hoteliers Buy Versace Mansion at Auction
Gindi Family and Nakash Family of New York were the winners of the auction for Casa Casuarina...

Stunning Estate for Sale on Allison Island
Allison Island is one of the man made islands comprising Miami Beach. One half of the island...

Avant Garde and Luxurious Penthouse on Fisher Island
Fisher Island is home to some of the highest net worth individuals in Miami. It is a private...

6000 Indian Creek, Condominium Spotlight
6000 Indian Creek is a Sieger Suarez project that was completed in 2007 and consists of...

$35 Million Buys you THIS on Star Island
$35 Million for a home on Star Island is par for the course in Miami Beach real estate....

Development Update
It is looking like a dusty winter season in Miami, with all the construction rapidly underway,...

North Bay Road Charm, 4330 North Bay Road
4330 North Bay Road is a stunning example of Mediterranean architecture in Miami Beach....

Best Home Improvements for Resale Value
It could not be a better time for a homeowner to list their home for sale in Miami. The...

Biscayne Gets a New Development
The Melo Group of developers acquired 601 NE 23rd St last year and have conceived of 23...

520 West Ave Residence 2301
520 West Avenue is home of the Bentley Bay. Bentley Bay is comprised of two modern towers...

Spice 2013, Guide 101
Miami Spice is a program whereby most of the restaurants in the city encourage people to...

Hollywood has a New Hotel
Margaritaville Hollywood is coming to Hollywood Beach and is likely to completely alter...

Sustainable Waterfront Home on Normandy Isle, 1.85 Million
Rarely on the market do we find completely sustainable, off the grid, homes in Miami Beach....

Housing Inventory on the Rise at the Close of Summer
The Wallstreet Journal released numbers via Realtor.com regarding the inventory of available...

Warm Spanish Style Home Listed on the Sunset Islands
1844 W. 23rd Street is listed on the Miami Beach luxury real estate marketplace for $11...

Former Gansevoort Getting Complete Eco-Renovation
Last year the Perry Hotel, formerly the Gansevoort, was purchased for $230 million. The...

Affordable Luxury Waterfront on Hibiscus Island
A home that is considered affordable in Miami terms for waterfront is generally between...

Bart Reines New Masterpiece Released on the Market
Bart Reines is one of the worlds most impressive modern architects living, and he has just...

New Listing on La Gorce Island
98 La Gorce Court has just been listed for sale. This over 7800 square foot home with 8...