Flipping a house looks like a fun and easy way to make a lot of money. Find a home on the cheap that needs some repairs, renovate it into a gorgeous dream home, and sell it quickly for a tidy profit. If you are like many of us, you’ve watched your favorite TV shows asked yourself, “Could I be flipping houses?”
Sadly, it’s not as simple to pull off as it seems on TV. An accurate look at all the time, legwork and money required is never shown on screen.
A successful flip requires dedication, planning and a lot of money up-front. You’ll need to be ready to put in a lot of your time as well. Several pieces need to come together to complete a flip on time and turn a profit. It’s crucial to find the right property, hire and manage reputable contractors, stick to your budget, complete renovations on time and get your newly updated property on the market.
That doesn’t mean you should take the idea of making your first Fix and Flip deal off the table. For people seeking a project that can earn them a hefty return on their investment, or who are looking for a way to get started in real estate investing, a successful flip can be both profitable and fulfilling.
While it’s not right for everyone, with planning, patience, and persistence, you can build a business that will grow with time, creating serious wealth-building potential.