subject: Steps That Will Make You A House Flipping Success Story [print this page] Anytime you see a television show about flipping houses, you're not likely to see the downside of this business. There are many sad situations where people who thought they would do good flipping houses fail and have to deal with the financial hardship. They must find a way to recover their losses and move on with life. Some people are affected slightly by a flip gone wrong while others are greatly affected by it. No matter how bad the effect is, you won't see this snowball kind of information on a television show promoting the business of house flipping.
What To Do Before You Flip A House
Before you make your opening flip, you need to step back and make a decision not to become one of those house flipper failures that you hear about in chat rooms on the Internet. You need to think positive that you'll be a success story that is seen on the television.
Take Time To Create A Plan
If you desire to be a success story, you'll need to do some planning. Don't make it a "on the whim" plan. It must be thought out. Study and research the properties you are interested in, check out their prices and values and compare them with the rest of the homes in the neighborhood. Remember that this is an investment and it takes months of planning to pick the perfect first flip that will boost the chances of success.
Be Realistic
When you're planning the first flip, remember to be pragmatic and don't expect too much out of it. The first flip is likely to be the least successful of all your flips; this is because you're learning the ropes. You may make some money but it may not be very much. If you're going into the buy thinking you'll make money like you did as a full-time employee, you're going to need to get out now. First flips hardly ever go as anticipated.
Set Aside A Large Budget
For your initial flip, put aside a little more money (typically two to three times more money than you would normally). This will help you cover the tangible costs that are needed including supplies, permits, labor and more. Most people don't consider these costs initially. If you don't have much or cannot afford to spend a lot, then it's time to walk away since the property won't be a good first time flip.
Plan Your Day's Events
After you've purchased the property, it's time to get to work. Make sure each day is full, cleaning and fixing up the home. You'll want to have all the tools and materials at hand and even your lunch/dinner nearby. If you have to do a quick run for certain things, you lower the productivity level and progress made for the day. With proper planning, you'll avoid these pricey delays and have a real estate house flipping story worth sharing to the world.
