Ignite FB Tracking PixelTips for Flipping Your First House - John Beale
Tithe Realty Group
John Beale, Tithe Realty GroupPhone: (517) 219-5048
Email: [email protected]

Tips for Flipping Your First House

by John Beale 06/02/2021

Photo by Skitterphoto from Pexels

House flipping has been made particularly trendy in recent years, in part due to the popularity of shows like Flip or Flop and Property Brothers. If the trend has caught your eye as well, here’s an overview of the steps you’ll need to take to get the job done right.

1. Know Your Market

Start looking for a home in your area that’s ripe for flipping. This is where the phrase location, location, location applies. A run-down or out-of-style home in a nice neighborhood is what you’re after. 

To find this, however, you’ll want to work with a real estate agent who has their finger on the pulse of your community. They’ll be able to help you find a home that fits your desired description.

2. Start Small

For your first house flip, invest in a home that has a solid foundation and roof, needs little to no construction or remodeling and basically only requires some style updates and TLC. Avoid homes that have mechanical or structural problems as these can be costly with littler return. 

Later on, down the line, you may be interested in investing in a more ambitious fixer-upper. For now, stick with something manageable. 

3. Create a Plan Based on Your Budget

Set a budget for the house flip. Naturally, you’ll first need to factor in the actual purchase price, realtor fees, insurance and loan payments. After that, you can decide how much “flipping money” you’ll have to work with. 

This will help you decide what improvement projects will be possible and which you’ll have to pass on. If the home would look much better with an open floor plan in the family room but it also needs a new roof, you might have to forego the floor plan remodel as a new roof is more essential. 

Be sure to get a plan in writing before you begin work. You can always change things later on, but you’ll want a blueprint to start with.

4. Network With Contractors and Start Work

Interview contractors in your area to settle on who will do the brunt of the work in the home. If you plan on flipping many houses in the future, it’s a good idea to build a network of consistent contractors you can rely on. 

5. Stage the Home for Sale

Lastly, before putting your finished home on the market, invest in rental staging furniture and decor. Styling the home before you have it shown will help inspire potential buyers as to what each interior space could look like.

Flipping a home can be a wonderful experience for anyone with an ambitious attitude and enterprising spirit. Use these steps as a template to make your house flip a success.

About the Author
Author

John Beale

Whether you're a first-time home buyer in search of your dream home, a seller looking to downsize or an investor looking for a great opportunity, working with a dedicated real estate professional can make all the difference. I deliver unmatched customer service, and my genuine desire to see your property goals come true makes me the go-to resource for all your real estate needs. For sellers, I take full advantage to ensure that your property is broadly promoted on a variety of channels, including major real estate websites, and my negotiation skills are second to none. For buyers, I effectively analyze the local market and target trends to help you find the perfect home at the right price. If you're looking for a positive, helpful partner who is ready to provide you with exceptional service, let's talk today.  

For years, I’ve represented numerous individual and corporate clients in the dynamic, competitive market of Brighton. My passion for excellence and Brighton real estate motives my desire to exceed expectations and go the extra mile for every client.