9 Tips for Success with Flipping Real Estate

by Julie Broad     

1. 
   If we are going to go to all the work to renovate a place, we want to reap the benefits for years to come. When we renovate we do it with renters in mind, not future home owners. But, if we were going to pursue a hobby or business in flipping here are some things we would consider when looking at a house:
2. My requirement for a home to live in, and a good rental property would probably hold true in this case too: Find the Starbucks area
3. Find the ugly house on a street of well maintained homes.
4. Know your prospective buyer - are you fixing the house up to suit a young family, an urban couple, or someone whose kids have left the nest? Figure out who is most likely to move into that area, and renovate to suit their needs.
5. Where is your biggest place to add value? If you can easily enlarge the kitchen or make it more functional then you can add a lot of value to the home quickly. You can also consider adding a bathroom or creating more storage as ways to add value.
6. Inspect the house carefully. Have there been renovations done on the property? You will often pay a premium for previous renovations, and in so many cases you will end up having to redo what was done before so it costs you more for the house, and to do the work.
7. Determine your budget, and then add an additional 30 - 40%. Things always cost more and take longer than you expect.
8. Find a real estate agent that has flipped houses themselves, or that has a few clients that have done it. And, ask for references. A good agent will go a long way to helping you understand the needs of your prospective buyers, and in getting the price you want for your house.
9. Talk to a mortgage broker about your financing options. There are plenty of financing options to suit a flipper purchase.

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