We know that flipping houses can be a fun way to turn a profit, especially if you know what you’re doing. If you’re still figuring out how to be the best flipper you can be, or are looking to expand your knowledge on fix and flip projects, we have some success secrets for you!
A big part of a successful flip is being accurate in your estimates.
Knowing the true cost of everything from purchase price and rehab costs to marketing and insurance BEFORE you start your project is going to give you a much easier start. Don’t forget to account for the age of the home you’re purchasing. Older homes tend to come along with additional repair needs like mold or foundation issues.
DIY whenever you can, if you can.
We’re sure you know by now that it’s cheaper to do something yourself than to hire out. It saves you money on repairs, upping your profit on your fix and flip. But be honest with yourself – if you’re not 100% comfortable completing a repair, it’s best to hire professional help. When saving cash might be what you expected to do, having to fix mistakes could wind up costing just as much (or even more) than hiring a contractor from the start.
Add in some special touches that don’t break the bank.
If you’re looking for ways to attract buyers that aren’t going to cost a decent sized chunk of your budget, think small. Things like faucets in the kitchen and bathroom, new doorbells, and lighting fixtures can all catch the eye. Spending just a little bit more on these small, special touches can make the house look great.