If you’ve turned on HGTV lately, you’ve probably noticed how many house flipping shows are currently being featured on the network. Fixer Upper, Flip or Flop, and Rehab Addict are just a few shows centered around house flipping. Due to the popularity of these programs, house flipping has become extremely popular, and many people are beginning to see it as a fun and rewarding side hustle to earn a profit. If you’re thinking about getting into house flipping, here are some tips to follow when flipping your first property.
Find The Right Funding
One of the most important parts of flipping a house is finding the right funding. Most first-time house flippers won’t have all of the money upfront, so finding the right real estate flipping funding is crucial for starting your project. However, it is important to try to finance as much as you could from your own pocket, as it will save you from having to pay back more on a loan.
Carefully Consider Your Location
In the real estate world, it’s all about “location, location, location.” This is an especially important factor to consider when purchasing a property to rehabilitate, as the location can make or break a potential sale once the house is renovated. Renovated homes in up-and-coming areas tend to do better than homes in rundown areas, so make sure to carefully scout of different locations and choose a property that’s in a decent area.
Thoroughly Inspect The Property
I can’t stress enough how important it is to thoroughly inspect a property before purchasing it. Making sure the home is structurally sound and has a good foundation is crucial, otherwise, you will be left in a predicament with expensive repairs that could potentially cost more than the entire property rehabilitation.
DIY As Much As You Can
House flipping can quickly become a costly project, so it is important to try to do as much as you can yourself before hiring a professional. Instead of hiring someone to install new floors, you can try learning how to do it yourself. If you or someone you know is knowledgeable in construction or remodeling, you can save money by doing as much as you can without having to hire a professional. You may even be able to install things like toilets, sinks, and bathtubs by yourself if you have some knowledge in those areas.
Add Inexpensive Touches
Because house flipping can get pretty expensive, it is important to cut corners where you can and save money on things you can purchase at an inexpensive price point. Things like doorknobs, lighting fixtures, and other small touches can all be purchased at an inexpensive price, so make sure you’re not blowing money where you don’t need to. Instead, save your money for more expensive things, like countertops and appliances.