Platinum Swing Trade Alerts

The 10-Buck Broker (Long-Term Stock Picks)

Announcement

Collapse
No announcement yet.

The House Flipping Business Plan

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • The House Flipping Business Plan

    The house flipping process can be divided into three phases: home buying, home renovating and home selling. Each phase is important and unique and each phase will build off of the successes and failures of the previous phases.

    Phase One: Home Buying

    This phase is the most important phase because it will set the tone for the rest of your house flipping project. If you select the wrong house to flip, you will be forced to pay higher than expected construction costs and forced to deal with a longer than anticipated selling period. On the flip side, if you choose the right house, the construction and selling process will virtually take care of themselves.

    Most real estate experts agree that you do not make money with the sale of your flipped house, but with the purchase of the house. You always want to have the end in mind. The end in house flipping would be to make money. Therefore, selecting the right house to fit your budget and your schedule means you will have a very easy time renovating and selling the house.

    Phase Two: Home Renovation

    The best strategy to follow to ensure a successful house flip is to set your budget and your schedule before you begin construction. With a budget and schedule set, you will know how much money you can spend for your flip as well as how long the flip will take. That way you can better track your progress.

    In construction, the 3 most important factors to produce a final product are time, money and quality. All 3 of these factors are interrelated. For example, if you want to speed up the construction process, it is going to cost you more money and the quality of the work will be affected, most likely negatively. If you are looking to install the finest quality features in your house, it will probably cost you more time and more money. Finally, if want to spend the least amount of money as possible, expect the quality to suffer and the duration of the project to last longer.

    Phase Three: Home Selling

    Depending on how well you researched your target market and what type of improvements you added to your flip in the previous phases, the home selling phase should only last a few weeks. Anything longer than a month and you will be forced to pay an additional mortgage payment which will reduce your overall profits.

    To make sure that you sell the flipped house quickly you should follow these 2 guides: set your selling price below the market value and market your home.

    The name of the game in house flipping is speed and when you set the selling price of your house below the market average, potential home buyers will see the added benefits of your renovation versus your lower asking price and immediately see a tremendous value.

    Also, the more potential home buyers you can have looking at your house, the more likely someone will like and ultimately buy your flipped house. To increase foot traffic in your house, allowing a real estate agent to list your home on the Multiple Listing Service (MLS) will give even more real estate agents the opportunity to showcase your flipped house.

    There is no one right way to flip a house. However, some ways are significantly better than others. What works for some projects may not work for others. Determine your budget and schedule and always have an end goal in mind from the beginning. If you can successfully do that, you are well on your way to a successful house flipping project.


    Article Source: http://EzineArticles.com/6491394
    Platinum Swing Trade Stock Alerts(FREE 14-Day Trial)

    The 10-Buck Broker (Long-Term Stock Picks)


    Best Stock Picking Services

    Sign up for the forum to reply to this post!!!


    Best FOREX Signals Software

    Stock Market Investing For Beginners


    "Step into the arena and hold on to your hat. Don't get discouraged if you don't make 8 trillion dollars in your first month. Trading is not a get rich quick scheme. Realize that trading is a skill and just like any other skill it takes time to learn. Have convictions in your decisions in life and trading. Ignore the comments and "advice" of those that have never traded a day in their life."

    Good KARMA and positive energy abound.


    Terms Of Service

    Disclaimer: This website provides information about the stock market and other investments. This website does not provide investment advice and should not be used as a replacement for investment advice from a qualified professional. This website is for informational purposes only. The Author of this website is not a registered investment advisor and does not offer investment advice. You, the reader, bear responsibility for your own investment decisions and should seek the advice of a qualified securities professional before making any investment.

    Promoted content: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this website and may receive commissions from purchases you make on subsequent websites. Always exercise due diligence before purchasing any product or service. This website contains advertisements.
    Best stocks to buy now Stock Market
    Best stocks to buy now
    Dow Jones TodayDJIA
Working...
X