Any real estate investor will tell you that they had to learn as they go when they first started as a house flipper.
They probably made many mistakes throughout their careers, but for most, everything was worth it in the end once they learned the essential rules for being a successful house flipper. Let’s examine those rules and how you can apply them to jump-start your career.
Choose Your Team Wisely
Every house flipper works with a group of professionals who assist them with each project, each professional specializing in something different. Flipping a house takes a village, and you might have a hard time if you don’t have that village.
Before you begin searching for a location and financing the purchase, be sure to build a stellar team of real estate agents, lenders, and contractors.
Real estate agents assist you with finding the right house, and lenders can help you acquire the funds you need for the project. Contractors aid with certain aspects of renovation and design.
Creating your team before starting the process shaves off a significant amount of time because you’ll already be set to go from the start.
Calculate Everything
For each project, you must calculate everything, from the time it takes to find a property to the 70 percent rule. The 70 percent rule says you should only pay 70 percent of the after repair value (ARV) minus any repairs made to the property.
When it comes to house flipping, the ideas “spend money to make money” and “time is money” ring true for the real estate industry. Don’t worry! You’ll get the hang of estimating repairs at eye value and become familiar with the financial process.
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Being successful doesn’t mean taking on every great deal you see; it means taking on projects carefully.
You’ll encounter many properties that offer great deals throughout your career, but you must learn to be very selective in which property you take on. It can be tempting to get emotionally attached to a property, but it’s essential to remember the numbers.
If you think you’ll spend more time and money on repairs and upgrades than you’ll get back in profit, then it’s time to move on to the next one.
Don’t Believe Everything You Hear
HGTV is an excellent hub for home-related entertainment, but it’s important not to believe everything you see on fix-and-flip reality TV shows.
They often skip critical steps of the process to squeeze what they can into a 30-minute episode, leading new investors to think that’s how it’s done.
Take advice from professionals, but try to establish a process that works for you.
These essential rules for being a successful house flipper will help you find your way in the real estate industry and establish your business. Trial and error will be your best friends during the process, so don’t be afraid to make mistakes. As long as you learn from them and keep going, you’ll be successful.
