1. Don't waste your time...Make sure you have access to funds required to complete the project. It's not good business sense to contract a home when you don't have a budget to fit it's needs
2. Make sure you know what the house will go for once it;s fixed up. This is one thing people generally look over. They get soo excited just getting the home under contract then they screw themselves in the end.
3. Learn how to estimate cost because you will need to know how in this business. Hiring an outside source is good for your 1st few deals but will get very expensive in the end
4. Basic math is very essential and you will need it when comparing homes,adding and subtracting costs (labor, repairs, sale price etc).
5. Know how and where to get the best financing possible for your situation!.
6. Get familiar with the market around you network with contractors, construction workers, painters and title companies
7. Have a strong action plan set up. The more the home sits around the more money it;s going to cost you.
8. Know how to qualify your buyers.
I started my flipping business looking for properties that only needed a little bit of fixing up (carpets, windows, blinds and paint jobs).You also want to target homes that have an ugly overgrown yard.
Fixing and flipping is a great way to pull in some extra income!
You have to read my other articles on Getting Mortgage Leads and utilizing Free Mortgage Leads Making money doesn't get any easier than this people