If you are looking to make money by buying, renovating and selling property then to make a very good level of profit it may be the best idea to flip several properties at once. This would be a particularly big commitment though and as such, you shouldn't rush in without fully considering how it would work. Here are a few hints and tips to be able to navigate these troubled waters expertly.

Where To Source The Properties

When looking at properties to flip and do up then it’s essential to be sure you are sourcing the right properties. One good source is to attend property auctions. But no matter where you buy be sure to get a good and official survey done to be sure that there are no hidden surprises as especially when you have other properties to flip you don’t want draining delays and complications. Another option is to use online property portals , which are great.

Cashflow & Money

It’s important to treat property redevelopment like any other business. You need to be on top of planning not only so that you know how much is to be spent on each property and sections of that property but also when each of these should be completed. This will mean you can be on top of any issues as they arise.

Project Management

It may be a good idea to consider hiring a project manager , especially if you are not able to devote all of your time and energy. Granted that there will be a considerable cost involved but if you consider the experience and specialism that would be brought would possibly save some money in avoided delays and complications.

Where To Store Goods

As different properties will be progressing at different rates then it’s going to be essential to store furniture and other items at times. Unless you are fortunate enough to have access to your own warehouse you’ll need somewhere to store these items, we always use Life Storage Springfield for this type of thing.

Transport Of Stuff

Somewhat connected to the above point there will be a need to move furniture, supplies, etc around, especially if things such as tools and machinery are going between sites. You might well want to invest in a van as this will be invaluable. The trend these days seems to be going down the leasing line but if the vehicle is going to be used sparingly then perhaps the monthly fee might be wasted a little bit. Buying a 2nd hand van if you are only using it sparingly and plan to get rid of it after a year or two could be a better bet as you’ll save money and then be able to sell it on at the end as well.

When’s Best To Sell

When to sell a property is sometimes a difficult decision, of course, the property market fluctuates just like any other industry and it can pay to wait. Essentially, for me, a good rule of thumb is to stay in profit. A simple theory and sometimes easier said than done, but if you have an offer and it makes you a decent profit I always say why wait as the market could go down. A more difficult decision may be when you have run over budget and you are going to make a loss, how much of a loss can you accept? All I would say in this situation is not to chase too much, sometimes it’s best to

and take what capital is left and put it into a new project.