House flipping has become one of the most popular real estate investing techniques in recent years as more and more people are realizing that they can make a living by buying ugly houses, fixing them up, and selling them for a much higher price. If flipping houses sounds like something you’d be interested in as a career or as second source of income, it is important to first learn how to do it successfully. That being said, take this advice from the experts behind our house flipping app, FLPPD, about how to to make a living flipping houses!
Pick The Right Houses
First things first, you must be able to identify what houses would make for a successful real estate flip. Before jumping at the first investment property you see, take a drive and ask yourself if it is the right size and style, how much time, energy, and money it would take to fix and flip, and whether or not you as a consumer would buy the end product. If you don’t feel confident about flipping the house after considering these questions, the house might not be right for you.
The next step in picking the right house to flip is meeting with mortgage brokers, real estate investors, and conducting research on your own with a house flipping app to get an estimate of what the property would cost based on its condition and current housing market trends. With this, you will need to use a house flipping calculator to estimate the return on investment and decide whether or not it is worth the trouble to fix and flip. Doing your research is critical in finding the best house to flip, and it’s best to use as many sources as possible, so make sure you’re confident and well-informed before making an offer on the house.
Pick The Right Locations
Picking the right locations for your house flipping projects is another critical component of finding success in real estate flipping. Once you have your eye on a house, set aside some time to sit down and research the neighborhood. What is the median value of the surrounding houses? What’s the crime rate in the area? What sort of attractions are nearby? What kind of homebuyers would look for a house in this neighborhood? The location you choose can make or break your flip, so taking the time to ensure that the state of the lot and surrounding neighborhood align with your intentions is key to a successful house flip.
Download The FLPPD App
We hope that you’ve found this post helpful and will return for part two of this blog series where we will continue outlining some pieces of advice about how to make a living successfully flipping houses. As it turns out, there is much more to flipping houses than meets the eye such as arranging for home inspections, finding the right financing plan, and choosing the right contractors to do the dirty work — all of which are key in making a living by flipping houses. Until then, download the FLPPD app to list and analyze house flipping deals, expand your local real estate network, and invest with confidence.