What You Don’t Know…

“Hey, I want to flip homes! Every time it’s done, money is made!”

Actually, that is Not true! And what you don’t know can, and often enough for even seasoned investors, does HURT You!

While it is romantic and exciting to consider making an extra few thousand dollars flipping houses, without the help of a seasoned investor, trusted contractor or several years of experience as a handyman around your own house, the probability of success is actually quite low. Project cost assessment requires knowledge of such things as the likely amount of hidden damage? Is it just cracks in the sheet rock, or foundation problems? What lurks in the drainage pipes? Etc. It usually takes a few years of experience to develop that kind of knowledge.

“So how can I even get started?”

I’m glad you asked. Because your success flipping houses will be dependent on the preparation you undertake. Find a reliable and trustworthy contractor who can help you determine if a property is a good risk. (This one decision could mean the difference between making money and a failed project that costs you more money!) Find an investor-friendly residential Realtor or Broker to help you determine the maximum, minimum and most likely after-repair-value, or ARV of a property where it is located. They can also recommend a closing agent or title company to arrange for the sale efficiently.

There are other professionals you should have on your team. Find them and use them to increase your probability of success!