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Flipping tips
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1. Deal a home - Always try to make a deal on your flip (home). Many good flippers make most of their money off of the purchase price. Don't just take the upfront price, instead submit lower offers and don't get discouraged if you don't get it. It may take time but you will get a great flip for a GREAT price.
2. Get an inspection - Always get an inspection before you purchase your flip (home). Termites, Mold, and foundation costs can add a lot of additional money that you will not be able to get a return on.
3. Right property for right price - Shop around and don't just jump in without looking. There are many factors that will make you money...the neighborhood, the improvements necessary, the time involved in the flip, and the initial price. Take all of these into consideration when taking on a flip so that you can maximize your profits.
4. Find place nearby - Buy your flip near your own home. It makes it easier to work on, it is easier to check up on your contractors, you know the area, gas cost is lower, and you will have more time to work on it.
5. Understand Costs/Fees - When flipping you must keep a budget and understand how much your improvements are going to cost. You will need to understand what improvements are necessary and will give you the most on your return. Also understand that labor fees will be a big part of your expenses.
6. Expect the unexpected - Even after your inspection, you never know what lies behing the walls. Make sure you budget for extra expenses, because they will surely catch you off guard.
7. Do it yourself - You can save a lot of money by doing many of the home improvements yourself.
8. Hire a professional - Some home improvements will either require a contractor OR need a professional because it's a tendious task. Don't try to take on improvements that you don't have the skils for. You could make the problem worse and it could cost you more money and time in the end.
9. Add a bathroom - By adding another bathroom under the stairs Or in the basesment will help to increase your purchase price.
10. Open floor plan - Knock down walls to open your floorplan. Its relatively easy to do, not costly, and it makes your space bigger. It also makes your flip easier to sell.
11. Money in master bath - If you are going to put your money somewhere, then put it into your master bathroom. You could get 110% of your investment here, and it's great for selling your flip (home).
12. Update kitchen - Having a GREAT kitchen can make a difference in your home selling. Adding stainless steel appliances and granite countertops will add BIG value to your home.
13. Add square footage - Finish off your basesment and/or attic space to increase your square footage of your home. You could add another bedroom, a bathroom, Or another family room that will impress buyers and add more value to your flip.
14. Paint - Use Semi-gloss paint and neutral colors to make your walls seem brighter. This will make your space seem bigger and help to give it that "POP" that it needs to help your flip (home) sell.
15. New windows - Add new windows to your flip to update the look of your home and for energy costs.
16. Landscape wisely - By adding landscape, you will give your home the curb appeal that it needs to increase your price.
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Flipping tips
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