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This Old House - Do-it-Yourself

Frightened of Flipping? 5 Tips to Help Change Your Mind

Written by Posted On Friday, 14 July 2017 18:55

Flipping homes can be extremely profitable for those who know what they are doing. It can also be an easy way to lose your life savings if you aren't careful. Although buying and selling real estate does come with risk, there are ways that you can mitigate that risk and increase the odds of making money. 

There Is Plenty of Data Available 

Most real estate websites will tell you how much homes in a neighborhood have sold for as well as provide information about who lives there. This gives you an opportunity to determine if the house that you have just bought can sell for enough to make a profit as well as who your target market may be.

You Can Always Use a House as Rental

If your house doesn't sell right away, it can always be used as a rental. This may help you pay down the mortgage until market conditions change. Other investors may be willing to buy the house from you or help market it in exchange for a percentage of the profits. 

Talk to Someone Who Has Flipped in the Past

Before you go through your first flip, talk to someone who has successfully flipped homes in the past. This person could be a friend, family member or someone who you read about online. He or she may ultimately become a mentor who can help you build a career in real estate. 

Contractors Know What They Are Doing

You don't have to do the rehab work yourself. If you don't know how to fix a roof, install pipes or put in new flooring, there are contractors who do that for you. Some companies such as Facelift For Homes specialize in aesthetic exterior updates. In some cases, it may be faster and more affordable to hire a contractor as opposed to doing the work yourself. 

You Learn From Your Mistake

The only way to get better is to learn from your mistakes. Even if you do lose money, the experience that you gain can make it easier to succeed in your next flip. The contacts that you may make during the process may be worth losing money in the short-term. 

It is normal to be nervous when you investing thousands of dollars into a project that may to succeed. However, if you have a plan, the odds of losing all of your money are slim. Having a plan may also make it easier to find a property that is worth rehabbing and will be the easiest to sell when it has been restored.

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Kara Masterson

Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max. Kara is the youngest of four. She has two hilarious brothers and one beautiful sister. She also is the aunt of 4 crazy little girls that she loves more than anything!! Kara is not yet able to be a mom, but she loves being around kids and being like a second mom to her nieces. She dreams of the day that she can start her own little family.

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