You’ve always been interested in flipping houses. You love real estate, home renovation shows are your jam, and you love DIY projects and getting your hands dirty. Flipping houses seems like the perfect fit for you, right?
Before you begin searching for your first property consider these three important tips we’ve highlighted from a recent article in House Beautiful magazine.
Get a mentor
If you planned to travel to a foreign country you might first take some time to familiarize yourself with its language, culture, and customs. The same idea can apply to becoming a house flipper. Although you may be gung-ho to acquire your first property and start demo, it’s best to lean into the venture under the guidance of a mentor. Seek help from someone who can share skills for success, and warn you of mistakes and pitfalls to avoid.
See where people are moving
Today’s workforce is becoming increasingly flexible and more and more workers are being untethered from their office buildings to operate in a more virtual environment. This expands the possibilities for where they may choose to live, and an increasing number are leaving heavily-populated metro areas for residence in the suburbs where they can buy more space for less money.
As these areas increase in popularity prices will also increase, and locales with higher property values will have the potential to yield higher profits.
So when looking to invest in a flip watch for cities, and even specific neighborhoods, that are on the rise or have become hotspots.
Take stock of the neighborhood
When scouting out a flip think carefully about the neighborhood. Take stock of the surroundings and ask yourself: is this area desirable? If I were a homebuyer would I want to live here?
Is your potential flip situated across from a busy intersection with multiple lanes of traffic and the constant beep of horns and traffic noise? Are there commercial buildings very close by, and eyesores that could detract from the homeowner’s experience?
If you can, visit the property at different times of the day to see how neighborhood dynamics may change.