If you spend a decent amount of time on BiggerPockets, you likely have a good idea of what it takes to flip a house.
Buy it cheap, fix it up fast (and cheap if possible), and sell it for more money than you put in.
There are many articles written on how to calculate repair costs, how to analyze the numbers, and how to find the best deals. These are all great. If you’re anything like me, however, you may wish you could get more details on just what the experts are looking at when deciding whether or not to flip something.
There is a lot of info on the theory of flipping houses. But sometimes what we need is a little more on the actual practice.
My partner Mario Mazzamuto and I made this video for just that reason. Whether I’m flipping a house for myself or upgrading one for a client (before putting it on the market), there are several things we look for that we know will provide a quick and easy win. These are the upgrades or changes that will require the least amount of time and money and provide the highest return on investment.
How to Estimate Rehab Costs!
Estimating rehab costs accurately can make or break your real estate business, and it takes years of experience for even the best rehabbers to master the art. However, you can expose yourself to less risk and get more accurate with your projections by learning how the pros think when estimating construction costs.
Expert Tips and Tricks for Successfully Flipping Houses
In this video, we highlight a few upgrades from our latest project, and walk you through what we consider when we look at potential projects.
Rehabbing houses intimidates a lot of investors, both new and experienced. But it doesn’t have to! By learning how to communicate with contractors and how to find people who are good at what they do, you can start running rehabs without much anxiety or struggle. Check out some of the things we look for, and take some notes so you can do the same with your own deals!
For more information about how I manage rehab projects, save money, and add as much value for as cheap as possible, please check out my upcoming BiggerPockets book.
Are you interested in real estate investing but there is nothing to buy that makes sense where you live? Are you tired of seeing the amazing success of others investing in markets better suited for buy and hold real estate and wish that could be you? Do you want to take advantage of wealth building opportunities but are frustrated by the fact there just isn’t any way to do that until the next market crash?
In Long-Distance Real Estate Investing, real estate investor and police officer David Greene shows you exactly how he’s built a multi-million dollar portfolio on blue collar wages buying out of state rental property without ever even seeing it. Check out this read, available today!
Do you have any additional tips you’d like to share regarding house flips?
Let me know in the comments below!