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A Beginner's Guide to House Flipping

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  • A Beginner's Guide to House Flipping

    House flipping is the name given to the business activity of buying, fixing up and selling houses quickly after renovating. The term 'flipping' refers to the fast sale of a house which is crucial to make a good profit. Popular television shows such as Property Ladder and Flip This House have served to increase the amount of people being able to make money from house flipping.

    One of the most important factors in house flipping, other than making a quick sale post-renovation, is for the house flippers to make sure they are making a good investment when buying the house they wish to 'flip'. The best houses to flip are those that do no present well to potential buyers due to cosmetic problems such as bad carpets, old paint and poorly kept front/back gardens. These sorts of problems can be easily remedied and updated to instantly increase the value of the house without spending a huge amount of money. Houses needing wiring, plumbing and structural work can quickly eat up much of any expected profit so it is wise, if you are new to house flipping, to avoid buying properties that need this sort of work to start off with. The key to success to make money from house flipping is estimating (as accurately as possible) the profit versus expenses calculation, especially if you are considering buying a house that needs a lot of structural work or re-wiring etc.

    As well as the profit 'potential' of a property the house flippers are buying to flip, it is also important to consider factors such as the neighbourhood it is in. Would people want to live on this street? Would the house flippers want to live here? House flipping can actually increase the value of a neighbourhood since the flippers fix up property exteriors and yards as well as house interiors.

    The profit potential in house flipping varies greatly depending on factors such as the residential area and the purchase price of the property, to controlling expenses and staying close to budget and keeping to time restraints. If house flippers want to make money from house flipping, they need to keep in mind that the longer they take in renovating and reselling the house, the less profit they make if a monthly mortgage payment has to be made as these payments come straight from the profit. The more work the house flippers can do themselves the better, which is the main reason why homes with easy to fix cosmetic problems are the best. A professional should inspect the house in the first instance to so the house flippers know exactly what work needs doing and to prevent any expensive 'surprises' cropping up along the way. Profits from house flipping could range anywhere from $30,000 (18000) to $100,000 (62000) on a successful flip, and often a lot more.

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