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Entrepreneurial Education | Feature Articles | Flipping Houses : The Basics

Flipping Houses : The Basics

Sharyn Law-Davis

There are some basic to flipping houses! If you watch TV at all then you've probably seen a recent salvo of shows about flipping homes, from Flip This House to Property Ladder to Flip That House.

From the large number of these shows appearing on TV it's easy to see that the idea of flipping houses has caught on in our culture.

But is it really as easy as reality television makes it seem? Can you go and buy any house, remodel, and sell it again?

Here a few of the basics of flipping:

* Find a house -- The first step is to locate a likely piece of property. Like the old adage says, the first rule is "location, location, location". Look for a nice home which you could feasibly renovate and sell.

* Look at the figures -- Keep your budget in mind. Is the initial purchase price and renovation cost going to allow you enough margin to make a good profit? Count your time in that! This is the make or break point, so choose carefully.

* Purchase the property -- At this point you'll actually buy the house. You can very often get a better deal by purchasing a home facing foreclosure, bank property, or one that's been on the market for a while. Once you've decided for certain that you want to buy the house, it's time to talk to the Realtor or person selling the house.

* Renovate -- Here you you need to get ready for some elbow grease. After all it is your first flip...not likely you will have a renovation team in place like the flipping shows. Your goal is to make everyone want to live in that house. Try and stick to cosmetic changes, rather then large scale remodeling. Also try and keep to neutral colors for the walls, without making the house look too bland. After all this house is not for you to live in. It has to appeal to a broad range of possible purchasers. Again remember to watch your budget carefully. It's easy to get carried away with renovating and go over budget...

* Reselling -- After you finish renovations, it's time to put the property up for sale. There are quite a few different theories as to the best way to sell, varying from eBay to newspapers. It's up to you to decide which way to put your property on the market. Then it's a time to wait till you get a offer. Don't be afraid to strike a bargain, so long as you make a reasonable profit.

* Close the deal -- Congratulations! You've just complete your first flip.

Though it may look simple, it takes a lot of planning and hard work to successfully flip your first house. Still, the potential profit is alluring, and with some elbow grease and thoughtful planning, you can join the flipping craze.

Speak to those who do this for a living. Find out the types of houses they have found to be the best 'flippers'. Ask them about the pitfalls as well as their wins.

Another thing you can do is attend a Real Estate Conference. Rhea Perry has one coming up and if you are seriously thinking about Real Estate then you won't miss it.

You have the opportunity to learn from successful Real Estate Millionaires who have worked out the hard stuff, created systems and can teach you how to do it with a much smaller learning curve, and in a more efficient cost effective manner. You will also find the chance to get a mentor to help you through the process. This is clever learning!

Wouldn't you like to avoid some of the mistakes? I know I would. What about buying houses for 10 - 50 cents on the dollar. Or finding ways to cut costs and sell more effectively. All this and more is on the program for Real Estate Days.

As a EAHlive Community Member we have arranged for you very special discount on the ticket price of the conference. Which brings me to value. These conferences put on by Rhea are way too good a value to not go...especially given the quality of the speakers she brings to you. Your teens are welcome to and this makes them eve better value.

For the special ticket offer you will need to go here - http://www.eah.realestatedays.com

For information on the conference, including the speakers and details of the weekend visit http://www.realestatedays.com But don't sign up there or you won't be entitled to the discount!

If there are any more questions - just ask on our forums! http://www.educatingforsuccess.com/members/forum/openforum.cfm?forum=1

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