Foundations, fortunes, flipping
Seamlessly speaking you purchase a subpar home, renovate it, and resell it for a greater profit then a cycle of high-value flipping has been created and you know how to flip and fix like a pro. With 100% of people this particular occurance will not happen on the first go around. The deemed simple concept isn’t so simple when $20,000 slips down the drain due to one leaky pipe. So what exactly is so special about mastering flipping? Well if you are anyone who is serious about flipping, what we have to say may or may not save you thousands, but amplify the level of success you may receive in the future.
To get it out of your ear the simple concept of flipping real estate for profit deals with four main categories…
- Your developer, and team if any
- Your financial strategy
- Your plans and intent
- Market strategy (two forms)
Price tags are so hard to look at as of late that many don’t prefer to shop at this point. So profiting may seem unrealistic if not little to none if your cards aren’t played at the right time. A pro tip: timing is everything with flips (The word flip isn’t meant to feel slow) yet the data never lies. According to most flipping companies and experienced flipper’s the average timeline to flip a home is within a six-month period, so the underlying anxiety for beginner’s would be the length of time it takes to complete your first flip when stepping into unknown waters? Our recommendation for beginner’s is to work diligently for the flip; however your safety net timeline should be from six to eight months before the market may drastically change and buyer’s are searching for something different. Whether you have chosen to partner with a developer or DIY your way through most of the work regardless a bulb will short, a nail will bend in the furniture, pipes may be too old for code, etc. Schedules need to be put in place and back up times immediately after. According to plan is never always pleasantly the case with flipping but quality of work and timing mean a lot.
SO why is investthereal drilling timing and quality of work into your skull? Because the real estate market is skyrocketing and the quality of work that teams are doing is not so much. If you step into a million dollar home in 2024 we almost guarantee that you will see unsanded surfaces, too many or too little nails, uneven paint coating, cracked flooring, and lack of craftsmanship. The average consumer wouldn’t be as willing to buy a home with mediocre quality, and a price tag that could match an even better home right down the block. The market fluctuates and as of late the fluctuation doesn’t seem to have a lower agreeable sum. If you aren’t fully educated on how the real estate market works we have your solution in our partnered courses if success is a goal of yours. Flipping into the financial strategy you can choose various ways to fulfill your flip, the financial strategy regardless of the prices will depend on marketing, and your plan. You could choose home loans, savings, vacancy relied government funding, investors, etc. Whoever or wherever your financing may start your plan needs to be profitable, evaluated, and backed in some aspect.
Have your timing planned, resources figured, figures generated, team aware, and marketing down. In the two forms of marketing needed for your flip success number one deals with the obvious real estate market value, and number two, marketing your product. To sell a home in this market is to market it. Even with an immense amount of quality work and strategic planning if no one knows about the home how will anyone know to bring cash or card? So keep in mind with your plan when converting the property that it needs a selling point, or valued luxury. Really to sum up the marketing aspect you need a “but this home has a pool!’’ So if you’re reading us right, flipping should seem a little more approachable. No, we didn’t tell you the magic secrets of flipping because they don’t exist. Flipping real estate will be different here and there and situations will change with the times. Mastery really comes from experience, and handling several deals. So experience a flip and tell us your success story because no one can achieve success without investing in knowledge for success!
