Perhaps you love renovating your property and could see yourself doing it full-time. Or perhaps you love restoring properties and have a passion for history. The beauty of being a house flipper is that you can focus on the design and properties that you find most interesting. If you’re passionate about updating the design of outdated properties, or if you want to restore older homes, then being a house flipper isn’t just a great vocation: it can be an excellent and lucrative career to consider.
Though it is something that many dream about, it isn’t something that most can actually go through with. It takes a whole lot of effort to flip a house, and you won’t see any profit until after all the work is done, which can put a lot of strain on people.
There are so many ways that you can work in home improvement, so deciding whether house flipping is the right path or if you should look to another option is going to be one of the most important decisions you make. The good news is that you can start your journey by using this guide.
How financially feasible is it to flip a property for you?
If you have a lot of savings and can comfortably pay for the loan you will need to buy and then flip a property, then you are already on the right track. Most, however, won’t have this money up-front – and that’s okay! The great news is that there are many different loan options that suit those working in real estate. Rather than go through a bank, however, you will need to look to private money lenders.
These lenders don’t give you a property loan on the basis that you will live in said property and eventually work to pay it off over the decades. These lenders are providing you with a loan to do a job. They are usually short-term and are to be paid back within the year. This should give you enough time to acquire the property, renovate it, and sell it.
What skills can you bring to the table?
You don’t technically need to have any trade skills to become a house flipper. In fact, being a good project manager is sometimes all you need to be a success. It can be tempting to want to DIY as much as you can to save but be very careful before you undertake any projects. If you don’t have any trade skills but are looking to save, focus on demolition rather than building. Removing and preparing spaces so that workers can come in and do their jobs faster and easier can help you save.
Even then, however, it can still be worthwhile to find, vet, and hire a contractor you trust, who in turn has sub-contractors that they trust. Getting the work done properly the first time is going to help you sell the property for considerably more, since surveyors won’t come in and give potential buyers massive lists of faults caused by your inexperience.
What will make you stand out?
There is no reason not to have a style when it comes to flipping houses. While it’s true that this will narrow the buyer’s pool, having a unique style will also mean that buyers who fall in love will want your property above all others.