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Best Practices Used by Successful House Flippers
House flippers make money by taking advantage of the dilapidated homes. Hence, they are in constant search for foreclosed homes or those being sold at an auction. The average profit per flip is almost $30,000, which is a good amount of money. However, for you to maximize your profit, you have to really do a thorough research and most of all, you have to know what you are doing. A single mistake can be very costly.
There are best practices used by successful house flippers to avoid mistakes and maximize their income. These are the following:
Having an eye for potential
House flippers look for properties not appealing to conventional homebuyers. These properties usually have an outdated kitchen and bathroom or something that turns off homebuyers. They will purchase the house at a cheap price and will do the necessary thing to significantly increase the value of the property. They will improve the house to make it appealing to homebuyers.
Do the calculation
One of the most important skills a house flipper should master is doing the math correctly. You have to know how to calculate the purchase price, renovation cost, and selling price. Right from the time you lay your eyes on the property, you need to have a clear vision in my of the property’s after repair value (ARV). Not doing the math correctly can greatly affect your profit. Use a good spreadsheet tool when flipping houses.
Have a team of professional builders
You might think hiring the service of professional builders can cut a huge portion of your profit. Well, if you are the DIY buff, then you can do the entire renovation process by yourself. However, it will definitely take some time for you to complete everything. In the house flipping business, successful flippers are not afraid to tap other experts, especially when it comes to electrical and plumbing work. Professional builders make sure that the fundamental structural elements are in superb condition. Flipping is not just all about cosmetic updates. It is making sure that the house is liveable and meets the specifications of your target market.
Renovate with buyers in mind
When renovating the house, you have to put your buyers in mind. Do not let your personal taste get in the way. Remember, you are flipping for your potential buyers and not for yourself. Go with the basic, especially in terms of paints and kitchen and bathroom fixtures. Install features that are appealing to your target buyers such as a wall-mounted TV, beautiful landscape, and the likes.
Scott Yancey’s house flipping secrets
Scott Yancey is a professional house flipper and a seasoned real estate investor. Want to know his secrets to house flipping success? Feel free to follow him. Participate in various Scott Yancey events and watch his TV show, Flipping Vegas. Read Scott Yancey reviews on Facebook.
Here's a great case study on flipping houses, "5 Flips Start to Finish!!!" by Andrew Cordle.
American Home Loans is licensed to transact business in the following states: AR, CA, CO, IA, IL, IN, KS, KY, MA, MI, MN, MO, NC, NE, NM, OR, TN, TX, UT. We do not currently offer loans in AK, AL, AZ, CT, DE, FL, GA, HI, ID, LA, MD, ME, MS, MT, ND, NH, NJ, NV, NY, OH, OK, PA, RI, SC, SD, VT, VA, WA, WI, WV, WY. All loans are subject to credit verification and approval. Some products may not be available in all states.
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American Home Loans is an Equal Housing Opportunity Lender