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Fixing and flipping homes is one of the most popular ways to earn a side income and for good reason: it can be lucrative! The average fix and flip project brings in a profit of more than $62,000.
If you’re thinking of getting into the industry, but aren’t sure how to flip a house, the process can seem overwhelming.
Luckily, it’s easier than you think. Here are a few tips to help you start off on the right foot.
Find the Right Property
The key to successfully fixing and flipping houses is to choose the right property in the first place. This means choosing a house that’s in an in-demand area with a sale price that’s low enough you’ll be able to turn a profit once you fix it up.
The best place to start is by working with a real estate agent in your area. Let them know that you’re figuring out how to flip a house and are looking for properties that will make that possible.
They’ll be able to help you find the best locations and can narrow the search down to properties that fit your needs. Even better, they may be able to help you figure out how to finance a house flip without draining your savings. You just need to choose a realtor that’s familiar with the fix and flip industry.
Once you buy the property, you’ll need to prioritize repairs. Focus on upgrades and repairs that will add major value to the property and make it more attractive to prospective buyers. These include things like kitchen renovations, painting, replacing the flooring, and other similar repairs.
If there are repairs you’d like to make but aren’t comfortable handling them on your own, don’t. According to the team at Accurweld Company, many DIY repairs end up causing more damage than they fix.
Hiring a professional to take care of the things you can’t is the best way to keep your budget intact and ensure that you turn a profit when flipping houses.
Market the Property the Right Way
Once you fix the house up, you need to attract buyers to see the property. This means marketing the house the right way.
Instead of focusing on the fact that you fixed the property up and are selling it to make a profit, focus on the highlights the property offers.
If you can, work with a real estate agent when selling the property, too. They’ll help you host open houses, attract buyers, and market the property aggressively so you can turn a profit as fast as possible.
Now You Know How to Flip a House With Confidence
Flipping houses is a simple way to bring in extra income while putting your DIY skills to good use. Now that you know how to flip a house, you’re ready to start looking for your first property.
Once you sell your fixer-upper, you’ll likely feel tempted to create a professional fix and flip business. Check out our latest posts for more tips and advice to help you be successful from the beginning.