How to go about flipping a house?

Question

Hello, I have zero experience with this. I did buy a house in 2018 for 260K , put in 30K in renovations (new tubs, new tiles in bathrooms, paint, new shower doors, new cabinets/countertops both in the kitchen and bathrooms). I'm hoping to sell it next year for 360-370K. Do you think that should be possible ?

Then, with the profit I intend to buy another house, but for less than 260.  Maybe in the 200-220K range, and do a renovation and flip. But I'm not at all sure how I would proceed.

I know a house inspection is needed. What kind of insurance would be good to get ? It doesn't have to be landlord insurance, I assume.

Do I just get some quotes from multiple contractors? Problem is I'm not very design savvy ( I had help with my other house that I won't have now).

Just some tips , websites etc that could be of help. I'm in florida , gainesville if it makes a difference.

Thanks ! :)

Shawn K Hicks · Answer

@Cynthia Brownlee

Hi Cynthia, I'm an agent here in Gainesville. If you want to talk this week,-I can share some insurance contacts with you. We also can look at the comparable sales on the property you own and talk about the local market as of now compared to after New Years 2020.

Shawn

Kevin Hart · Answer

@Cynthia Brownlee I would pick out some of the Books BiggerPockets has published to read. they have books on flipping that will help break down the how to get started and every step along the way.

id also start networking with any and every investor you can find in your area that are willing to talk with you. offer to buy lunch, that usually gets folks willing to sit down with you

Jeff Kao · Answer

@Cynthia Brownlee

Yes, I would try to get quotes and ideas from contractors. Once you start talking to them, you will hopefully get a clearer idea of what the possibilities are. In addition, you can try to find people who have successfully flipped in your local area (e.g. through an REI). If you work with licensed contractors, they typically carry workers compensation and general liability insurance.