How do you handle failure? Do you run and hide from it, or do you face it head on? Some of the most influential entrepreneurs, real estate investors, and house flippers say failure is success. It may seem counterintuitive. However, without bumps in the road, how do you test the shocks on your vehicle? The same goes with investing and flipping homes. You need to learn as much as you can about the market, apply that knowledge, and begin to build your own list of success and failures to really understand how the process works.
In this post, we will share two more hard and fast rules of house flipping that the successful follow before every single deal. So should you! Want to invest in real estate and flip houses from the palm of your hand? Everyone else is doing it. Download the FLPPD app now! It allows you to list and analyze deals, grow your network, and work from the palm of your hand. It’s revolutionizing how investors and flippers do business in this digital age.
Two More House Flipping Rules
House flipping is no easy task. You might see it done on television, as if it were easier than taking a breath, but it’s extremely hard. Those who succeed at it have a set of rules they follow to increase the probability of success. In part one of this series, we shared the first two rules every successful investor and flipper follow. Below are the final two rules you need to finally be successful in this industry:
Rule #3 – Let The Market Guide You
An appreciating market tells you it’s time to flip some houses. However, you need to know if the area you’ve chosen to flip house in is actually appreciating with the market. Yes, it is possible for the entire market to be growing while certain areas are depreciating. This is a sign of a true professional, when they can determine which area it’s time to flip. No one can predict when the market will turn, so doing your due diligence is strongly suggested before you flip a home.
Rule #4 – Rehab Over Renovation
It can be tempting to get caught up in kitchen and bathroom renovations that will add thousands to a home’s value. On the flip side, a renovation of this kind will cost you just as much, if not more, of your expected profit to complete. It’s ideal to find a house to flip that needs cosmetic work that doesn’t cost much. This allows you to get in, rehab the house, and get out. Make your profit and move onto the next profit before the market turns.
The Premiere House Flipping App
If you want to or currently flip houses, you need the FLPPD app. It allows you to list deals, analyze deals, and grow your network from your smartphone. What’s more, the app is built by real estate investors and house flippers for the industry. The interface is intuitive, and it will offer you opportunities at the tap of a finger. Download the app today!
Miss part one of this post? Read it now!