If you want to be a successful house flipper you’ve got to practice the right habits and strategies. Here are three key flipping fundamentals that can carry you through any project.
Timing Is Everything
Be smart about the timing of your flip. To increase your chances for a successful resale it’s best to flip when there is a low inventory of available homes on the market. Any good product tends to sell best when the competition is scarce.
Roll With the Punches
During a flip you may remove a floorboard or a wall and uncover termite damage to floor joists or studs, or find corroded or antiquated pipes that need to be replaced. You may learn that a previous addition to your home wasn’t permitted and must be removed. Be ready to redistribute funds to cover unexpected fixes like these so that your flip can stay on schedule and within budget. It may mean that you have to scale back on some super-high-end finishes or extravagant fixtures, but it can help protect your bottom line, which is of utmost importance—second only to producing a quality product.
Make Sure the Price Is Right
Once you’ve survived the twists, turns, and challenges that come along with flipping a house, next comes the all-important job of pricing your home to sell. Maintain a logical approach and remember to keep your emotions out of the process. Sure, you’ve removed walls and created an open concept and crafted a superior design. You’ve even added a third bedroom. Your flip is commendable, but it’s not precious—it’s a product. So study the comps in your area and don’t overprice your property. Doing so could cause your house to sit on the market and become a stale listing. If you price your flip competitively you could get multiple offers and receive over your asking price.
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