6 Steps of Successfully Flipping a House

 

House flipping can be an easy way for you to join the real estate sector. It is a profitable business that can make you the next Donald Trump in a few years. On the other hand, if you fail to follow the six golden rules of house flipping then you will probably end up a desperate and poor old man.

To become a successful Flipping Junkie, the golden rules must be followed to the later. This is the only way you are assured of success in your house flipping business.

Find the Right Deal

As an entrepreneur, you should be able to know what garbage is and when to throw it away. You will get hundreds of houses on offer but the right choice must be a house that is undervalued and with great potential.

Evaluate the Deal

Once you have identified the right house, ensure you conduct due diligence to know if it is in a suitable location and whether the costs and time of repair is tolerable.

Fund the Deal

You can decide to fund the deal using private money or hard money. Whatever you decide, you must always make sure that the interest rate charged is enough to ensure the business is profitable when the house is been resold.

Fix the House

The house will have to be fixed in such a way that it is at per with other houses in the neighborhood. Keep it simple and on a necessary basis only.

Market the House

You can decide to use a Realtor Company to sell your property or sell it yourself as an owner. A Realtor Company will have to take a commission from you.

Sell and Profit

This is the time for you to reap what you sow. Expect to make a mark up of 10-30%. You are now on your way to success.