Thinking of flipping a house this spring? Here's some advice for those looking to flip a home:
1. Get estimates
Get a few estimates from different contractors. This will give you an overview of how much all the rehab will cost.
2. Create a spreadsheet
Once you have the estimates, it's time to make your spreadsheet of what repairs will be made, and the costs associated with those repairs. Prepare yourself for the amount of risk you may need to take.
3. Set up a timeline
This is important. You need to hold yourself accountable for the repairs. Set start and end time frames for repairs. You don't need to finish them down to the day, but a range of dates will help you stay in line.
4. Know the market you're in
Is this a super nice area? Is it on the come up? These are all important factors when flipping a house. If the area has nice schools and is attractive for families, you're more likely to get higher profit.
5. List it! (With a Realtor)
When the project is complete, contact one of our real estate agents to help you list it.
Make sure you have enough money, knowledge, and patience to dedicate yourself to this project before your "flip" becomes a "flop".