The Do’s and Don’ts of Flipping a House

Today we’re going over the do’s and don’ts of home flips to help ensure your rehab project goes smoothly.

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There are many do’s and don’ts when it comes to flipping houses, and if you’re thinking about taking on a flip, you need to be aware of them.

The Do’s:

• Do hire the right people. Make sure you don’t have a contractor or a site manager that will take advantage of you and your resources. 
• Do secure your financing ahead of time. Make sure you not only have the cash to buy the house, but also to pay your workers throughout the duration of the flip and cover unexpected costs. 
• Do pay attention to the market. Look at the area to see what the return on the investment will be. 
• Do pay attention to the neighborhood. Buying a home near schools and shopping centers will attract more buyers post-flip. 

Buying a home near schools and shopping centers will attract more buyers post-flip.

The Don’ts:

• Don’t ignore red flags. For example, make sure the property doesn’t have mold, or if it does, be prepared to deal with it. You also need to be on the lookout for any structural issues. 
• Don’t go ‘too big’ on your first project. You want to make sure you can cover all the costs as well as maintain your personal life. 
• Don’t do the bare minimum. You won’t make any money by simply repainting and putting in new carpet. 
• Don’t blow your budget early. Make sure you watch your budget closely and keep your emotions from influencing purchases or financial decisions. 

If you have any questions, feel free to give us a call or send us an email. We’d be happy to help you!