Flipping houses is a big business. Over 240,000 houses were flipped in each of the past three years in the U.S. However, flipping houses is not a hobby. It is a business. And while it offers the potential of making a nice profit, there are risks involved and it takes money and time. 

A Few Things to Know Before Flipping Houses 

Before jumping into the house flipping business, here are a few things to know: 

First, flipping houses takes some time to learn all the ins and outs to enable mastering the necessary skills that lead to success. So, spend all the time that you can to learn how to be successful. Second, while there are generally plenty of houses to flip, knowing which ones to buy and where to buy them are critical factors. Third, flipping houses is not a one-man or one-woman “show.” It does take a team to be successful.  

Tips to Become Successful at Flipping Houses 

Use these tips to become successful: 

Develop a business plan before you start. Define your goals and timeline. 

Develop a budget and then stick to it. Your costs will include the property’s purchase price, rehab costs, closing costs, and utility costs until the property is sold. Know your existing financial resources and what additional financing you will need.  

Know your market. Know the potential property values and what buyers are willing to pay. 

Study the neighborhoods that offer the best potential for house flipping. Neighborhood considerations include good schools, a low crime rate, access to shopping, and access to transportation. 

Be sure to know what you are getting into. Have the property inspected before purchasing it. Don’t buy a total “gut job.”

Make meaningful rehab improvements. Don’t spend money on insignificant frills. 

Move quickly. Speed equals profit. 

Follow the 70 percent rule for purchasing and selling the property. Pick the right sales price. 

Seek Expert Financing Assistance 

Contact Green Apple Funding to get the financing assistance you need to achieve your dreams of success at flipping houses.