The ABCs of Flipping House

All new things can be a little frightening or intimidating at first glance.

The same is true when it comes to Flipping House.

Many people feel several times during their first flip that they have gotten in over their heads.

The truth is that it will take more than a few flips to feel comfortable with the process.

Most people make very little, if any real profit on their first flip

and write it off as a learning experience only to enter into the next flip with newly learned lessons and a positive attitude.

Learning the ABCs of Flipping House is a great place to begin and can help

you avoid costly mistakes made by many first time flippers.

1) Appraise.

You need to have a proper appraisal performed on the house you intend to flip

and compare it to other houses in better condition and of similar size and style within the neighborhood.

You do not want to buy the best house in the neighborhood, in fact, it is best

if you can find the neighborhood eyesore and turn it into a competitive house for the neighborhood to get the most for your money.

More importantly, you want the appraisal to reveal the actual value of the home now as compared to the price

you are paying and talk to the appraiser about what the home would be worth the with improvements you are planning to make.

2) Bold Moves.

Sometimes it takes bold moves to make the impression you want to make.

The decision to flip houses is a bold move in and of itself and

while you do not want to necessarily enter into risky waters you do not want to play it too safe either.

Be cautious with your financing and guard your expenses

and your budget well but make the changes that will catch the eye of the next owner of the property.

3) Can do Attitude.

You absolutely must believe you can do this to get it done.

A house flip is not an undertaking for the timid or those who lack self-confidences.

You will need to stand up to your contractors, inspectors,

and even some vendors to get the best price and the most bang for your buck.

In other words, you need to believe in yourself and what you are doing to get it done.

This doesn’t mean you shouldn’t listen to the advice of those with more experience and expertise,

especially when it comes to structural issues within the home

and bringing the property to code but you also need to stand up for yourself to ensure

that you aren’t paying for things you aren’t getting.

4) Determination.

You must also be determined to see your project through to completion.

It takes a certain sort of pigheadedness to get through the first few flips.

It should be stated here that Flipping House is certainly not an easy way to make a living.

It does have the potential, however, to be a highly profitable way to make a living and

that is what most potential flippers are looking for.

If you want those profits you are going to need to push yourself out of bed even on those mornings

when you feel as though looking at the property in question is going to make you wail and moan and pull out your hair.

5) Excitement.

This may be the most necessary of all ingredients.

You will find that excitement is in short supply many days

but it if you can recapture that initial excitement over your decision to flip houses

then it will sustain you on those days when the plumber brings bad news or

you just learned that a solid weak of rain is forecasted for the weak the roof was to go on.

This is a small start on the ABCs of Flipping House and real estate investing but I think you get the picture.

Good luck!

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