Unless you’ve been living under a real estate rock the past 12-18 months, learning how to flip houses is all the rage now…
With multiple reality television shows like Flip This House and all the others – not to mention all the regional ones (like the one in my backyard “Flipping Boston”) – it seems everyone has flipped for house flipping.
It sometimes kind of seems like a “coo coo for CoCoa puffs” kind of thing at times…
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.
Even Hollywood Has Flipped for Flipping Houses?
What’s amazing to me is that famous and even not-so-famous-anymore celebrities (hello Vanilla Ice) are now getting into house flipping…proving that Hollywood too it seems has gone flip-crazy.
Add to that constant mentions in USA Today, CNN and US News and World Report, fixing and flipping is becoming more and more popular as the real estate market begins its turnaround.
Although new foreclosures on the whole are on the decline, the fact remains that there are many flip opportunities available and will continue to be as we work through the inventory and climb our way out of the great recession.
House flip deals are still available and this makes for an ideal environment for people want to fix and flip houses – which may have something to do with the current frenzy.
Flipping Houses 101: What Are The Steps to a House Flip?
Back to reality time.
House flipping has never been and will never be…easy. It takes hard work, education and experience to flip houses. And unlike many of those TV shows and news reports, house flipping although popular, is not as simple as it seems.
There are however, some key steps to success – and although there is no way to explain exactly all the little details of how to flip a house in a single post, it can be broken down into the basic steps.
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So to illustrate the steps needed to flip houses, I’ve put together the following infographic, which simplifies what is in practice a complicated process.
We welcome you to use it on your website as well!
House Flipping 101
For More Great Articles on Flipping Houses, Check Out:
- The Ultimate Guide to Flipping Houses with No Money
- The BiggerPockets Rehabbing and Flipping Houses Forum
- Six Tips for Flipping Houses
- How to Lose Money on Your First Flip, Guaranteed
Image: House Flipping School