What advise would you give someone starting on house flipping?

Question

Any do’s and don’t’s when flipping a house.

Jonathan Greene · Answer

If you are about to flip a house and want input on general do and don't items, you should not be flipping a house. You are going to spend too much, even when being cheap on materials, you are going to get bamboozled by service providers, and you are going to want to grasp at all advice, not knowing which is the best. You should only be flipping a house when you have watched someone do it and feel comfortable and confident that you know everything you need to so you don't lose money. Going to the internet and asking for a list of everything you should and should not do means you are not ready.

William Goss · Answer

@Alberto Mazatan Trevino there are many do's and dont's. I would spend time educating yourself on the ins and outs of the industry, and networking with other professionals to learn before acquiring your first property. One thing I did was connect with one of the best in the industry and spent a lot of time learning from him on every aspect of the business. It wasn't until I spent over a year learning from him that I felt comfortable enough to dive in and buy my first property. Spend time doing that, and you will be in a great spot. Good luck!

Derek Carroll · Answer

@Alberto Mazatan Trevino

You make your money when you buy, not when you sell.

Sometimes when you renovate but not with the simple cosmetic repairs and upgrades you see on most flips. True value adders like adding bedrooms, SF, converting single to multifamily or vise versa, changing use. Most of these are most advanced strategies. For someone just staring out I’d focus on a few simple cosmetic rehab only type flips and pay attention to purchase price and finding a great deal more than anything.

Howard Herrington · Answer

Alberto, there are many do's and don'ts when flipping a house and probably too many to list on here.  My suggestion would be to network with as many local real estate investors in your area as possible and to read as many books on the process of flipping and renovation as possible.  Education is key in anything you do and the best way to do that is to learn from the people who have great experience in it.

Alberto M. · Answer

@William Goss

Great advice. Thank you Will!

Howard Herrington · Answer

Alberto, there are many good books right here on this website that talk about flipping houses.  You also need what I like to call the foundational five.

Rich Dad, Poor Dad by Robert Kiyosaki

The Richest Man in Babylon by George Clason

Secrets of the Millionare Mind by T. Harv Eker

Think and Grow Rich by Napolon Hill

The Scienc of Getting Rich-Wallace Wattles

These books will help to get you into a specific mindset needed for this business.  Hope this helps.

Alberto M. · Answer

@Derek Carroll

Great point Derek thanks. Do you buy all cash or use leverage?

Alberto M. · Answer

@Howard Herrington

Thanks Howard, any specific book you could recommend me?

What advise would you give someone starting on house flipping?

Most Popular Reply