Top 20 Tips For Flipping For Profit

04 Feb Top 20 Tips For Flipping For Profit

Ok there are loads more but these are the first 20 that popped into my head –  what tips can you add to the list  ?

1. Get educated
2. Find a mentor
3. Buy the worst houses in the best  neighbourhoods you can afford
4. Make sure  you buy the property at below its market value otherwise you will find it hard to make any money.
5. Make sure you get correct finance for the project with no redemption penalties
6. Get 3 quotes for everything
7. If working with a single contractor put together a  schedule of works and pay only after each agreed phase is complete. Pay on time.
8. Create time lines for each stage and stick to them. Time is money when flipping
9. Don’t get emotional about the house. It’s all about the numbers. Stick to your buying criteria. It either works or it doesn’t.  No but if’s !!
10. Keep it neutral – don’t add your personal tastes
11. Start small – don’t take on the biggest project as a first one – start with cosmetic stuff only and work your way up. (rewiring will often mean re plastering and repainting for example which can add big £££ to the job. Where kitchen carpets, bathroom , painting can be done more cheaply)
12. Kitchen and bathrooms are the most important.  Refurb to the standard of the asking price.  These can make or break a house.
13. First impressions count.   If you don’t like the outside for reasons other than cosmetic  chances are neither will potential buyers
14. Monitor your credit score like a hawk !   This is your life line to loans.  (sign up to Experian permanently  now if you haven’t)
15. Add 20% to the budgeted costs and make sure it still stacks
16. Flip property close to where you live – the further away the more the costs of running the project and the harder it will be.
17. Get your property listed with a good estate agent asap for resale.
18. Dress your property for the target market.  (you can buy or rent staging furniture)
19. Make sure you have a good new looking front door and if appropriate consider a new garage door or at least painting it to finish off the kerb appeal.
20. Tidy up the garden !