Flipping house is a lucrative career and the good news is that you don’t need to be experienced in real estate to get started. A common misconception with house flippers is that they are expert realtors, as well. While having a real estate background does help, it isn’t absolutely necessary. Like many other types of careers, you won’t really have enough background on the house flipping business when you’re just starting out. But if you have the information and the smarts to see maximize your network and see things through, it will be a lot easier and quicker to succeed.
On the surface, flipping houses may seem like a complicated endeavor. Fortunately for the newbies, Flipping Junkie offers tips and advice on how you can get started with your own business. The company provides plenty of articles and videos about the basics of house flipping and shares insider information and sure-fire strategies to get you that first client and ensure that he or she is happy.
Its series of flipping houses podcasts also give valuable information on flipping houses with no money. The tips are broken down into easily digestible notes so that pure beginners will have an easy time learning. If you’re thinking about getting into the house flipping industry, here are three basic tips to get you started.
- Find a property and cash source.
Decide on the where you will start your flipping business and scout for a property that you want to invest in. As a newbie, it would be smart to focus on houses that don’t need that much renovations so you can sell them more easily and without needing to shell out more cash for repairs. As you get more familiar with the business, then you can start resurrecting old properties, fixing them up, and selling for a profit. But, for now, start slow and start small.
The money you will use to invest in a house can be from your own savings, or you can borrow money from family. Traditional banks likely won’t lend you money for a startup without a previous positive record, so you can use your day job (if any) to take out a loan. That way, you won’t need to touch what’s in your bank.
- Create your team.
To flip houses nicely, you will need a reliable network of contractors who will help you get the job done seamlessly. Your team could include a real estate agent, a lender or investor (if you don’t have startup capital), and a contractor or group of independent service providers. They will be the people whom you will lean on when you start in this business.
- Sell your awesome finished flip.
When you’ve finally finished rebuilding or renovation the property, it’s time to get it listed, to market it, and finally sell it. Timing is crucial. The longer you take to fix it and sell, the more money you risk losing. This is where your real estate agent’s input is helpful. An agent can help find the right price for your flipped house and gather potential buyers for viewing.
There’s a lot more to being a house flipper but, fortunately, it’s not difficult to be one. If you’re interested in getting more information and to learn new tricks to get the right homes to flip and to sell them fast, check out Flipping Junkie. Its expert team can also provide real-time assistance on any of your queries about house flipping.