One of the hottest reality show subjects these days is house flipping — there’s something particularly gratifying about watching people make something more beautiful and valuable through their own means, all while making a profit. If you’re interested in becoming a house flipper yourself, here are some answers to questions you might have.
How does flipping houses work?
House flipping is becoming a relatively common real estate investment strategy. Essentially, this is the way it works: a house flipper buys a house at a low price, makes repairs or upgrades to the house to improve its value, and then sells the house for more than they bought it for. House flips can take from a few months up to a year, depending on the work being done and the upgrades being made.
Who flips houses?
House flippers are commonly people who work in a trade related to home building or repair like construction, plumbing, or carpentry. Since they already have the know-how to complete big projects that significantly increases the value of the home like upgrades to the kitchen or bathroom, or new cabinetry. Even if you don’t have a ton of money you can still flip houses — an easy way to flip houses with no money is to buy a house in preforeclosure, which means that you can just take over the existing financing and you don’t need to have great credit or qualify for a loan.
What do you need to flip a house?
You don’t necessarily need money or know-how to flip a house. Sure these things are helpful, but they’re really non-essential. What you do need are a certain set of skills. You need to be able to do your research to learn about the housing market and find flipping houses tips. You also need to be able to plan effectively and manage the project from start to finish.
Do you have any flipping houses tips? Let us know in the comments.
