Being a house flipper is very much like running a separate business. Even if you know what you are doing it often takes a full time commitment to be successful. The perks of flipping houses are plentiful but you need to know exactly what you are getting into before you get very far. Without knowledge of the business and a grasp of the process you will end up working harder and ending up with a smaller piece of the profits. All it takes is one oversight in one area to cause a setback that can be difficult to overcome. Before you dive into the real estate flipping business here are five important factors you need to consider.
Marketing Matters. Where do you plan on finding your next deal? As much as you may feel you are ready to get started you need deals to work on. Rehab and flip deals are not the same as other deals you may see in your market. To maximize your bottom line you need deals you can obtain at a deep discount. This could mean finding deals through short sales, foreclosure, divorce attorneys, probate or any other strategy you can think of. It doesn’t matter which marketing option you employ as long as you do something. Good rehab deals will not just fall on your lap. Whether you plan on working with local wholesalers or starting a mass direct marketing campaign you need to do something to generate deals. The amount and style of marketing you do is a good indicator on the type of deals you will work on.
Flipping houses is a great way to make a living but you need to do it right. Follow these five tips if you are considering getting starting rehabbing real estate.
Esajian, JD. "5 Important Factors To Consider Before You Start Flipping Houses." CT Homes, 9 January 2017.
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