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house flipping

House Flipping Tips You Should Know

Profitable House Flipping – 6 Key Aspects to Get Right

House flipping involves buying a property at a discounted price, improving it in some way, and immediately selling it for a profit.

Popular cable TV shows make flipping look like an easy way to make thousands of dollars quickly. Of course, these “reality” shows are for entertainment. The reality is that house flipping is a business endeavor and it’s much easier to lose money than it is to make a fortune flipping properties.

Flipping can result in a nice payday if you know what you’re doing.

Here’s a peek inside what it takes to profitably flip properties.

1. Finding Deals

It all starts here. House flippers need to acquire the right property at the right price. Finding those properties requires having multiple sources, like the MLS, wholesalers, auctions, foreclosures, short sale negotiators, and your real estate network. And it involves intimately understanding the market so you can quickly distinguish a deal from a money pit.

Real estate is local, and since you can’t possibly know enough to find good deals in every neighborhood, narrowing your search is key to efficiently getting deals under contract.

Experienced flippers seek out properties that satisfy the 70% rule, which means buying the property at 70% of the after repair value (ARV) minus rehab costs. For example, a house flipper would offer $112,000 for a home with a resale value of $200,000 that will take $40,000 in rehab costs ($200,000 x 70% – $40,000 = $112,000).

The 70% rule is simply a rule of thumb to do a quick evaluation, not a guarantee of profits. In this example, it looks like the flipper is pocketing a profit of $48,000, which may sound extremely lucrative. But it doesn’t take into account many costs involved in the house flipping process, such as taxes, holding costs, financing expenses, and selling costs.

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About Skip Force LLC.: Skip Force is a SaaS company based in Austin, TX. Founded in August of 2019, Skip Force has developed solutions, for real estate investors and resellers, to streamline the skip tracing process to effectively close leads.

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