House flipping has captured the popular imagination. Just turn to HGTV and you’re bound to see commercials for some of their latest house flipping programming. For countless reasons, people are drawn to the idea of investing in a poorly maintained or little-loved house, showing it some care and attention, and transforming it into something really remarkable… and then, of course, selling it for a profit!
But have you ever thought you might be cut out to flip houses? Some people have absolutely no interest at all, preferring to be spectators rather than participants. Then again, some people seem like they were born to flip houses. In this post, we’ll look at some of the telltale signs.
Before we get to that, though, we’ll urge all sellers—including flippers—to get a SOLD.com report. In it, you’ll get individualized house selling tips, and some independent advice on the best way to sell a house. Get your FREE seller’s report from SOLD.com today.
5 Signs You Should Go into House Flipping
With that said, here are some of the dead giveaways that you just might be cut out for house flipping.
You’ve done the research… and gone beyond HGTV.
We’re not saying that we’re opposed to any of the house flipping shows on HGTV, TLC, or anywhere else. Far from it! Those shows can be a lot of fun, and they can show you some insights into what house flipping is really like.
With that said, they definitely don’t show you everything—and the simple fact is that flipping a house is a lot tougher than what you see on TV.
Have you really studied up on all aspects of buying, renovating, and selling a property? Do you understand the tight margins, the ruthless timelines, and the huge amount of work involved? If so, and if you still think you’re interested in renovating and selling your own property, then by all means read on.
You’ve learned from the pros.
How many house flippers do you know personally? How many of the flippers in your area have you actually met up with to discuss the tricks of the trade?
If you’ve started networking, building connections, and learning from the pros, that’s proof that you’re taking this seriously, and that you’re probably ready to become a house flipper yourself.
You’ve thought about the financial commitments.
Flipping isn’t primarily about decor, or remodeling, or painting, or even serious renovation.
It’s really about money.
It’s about getting a good deal on the property up front, which usually means paying in cash.
It means budgeting carefully.
And it means constantly being mindful of profit margins.
In particular, it means knowing the best way to sell a house quickly and for top dollar.
Hopefully, you’ve thought about that, and believe you have the financial acumen required for a successful house flip.
You have time!
Generally speaking, house flipping isn’t something you can do on the side. It really needs to be your primary focus—and the reason for that goes back to what we said about margins. The longer the house is off the market, the more it’s going to cost you—so make sure you’re able to do your work expediently and list it again pretty promptly.
Simply put, you’re less likely to be successful if you can only work on the house for a few hours on evenings and weekends.
You have a list of credible contractors.
It’s not always possible to do all the renovation work yourself. At the same time, it’s not advisable to just hire the first contractor you find on Google.
You need someone you can really trust to do the work you need on time; for a reasonable amount of money; and to a high standard of excellence.
Building a list of qualified contractors can take some time, but it’s a critical part of the process.
Get More Tips for Selling Your Own Property
As you can tell, there are a number of key considerations to make as you wonder whether you’re cut out for the life of a house flipper.
One additional place you can seek information? Your independent SOLD.com report, full of unique house selling tips. Get yours today!