On today’s episode, we discuss our tips for house flipping. Most people are aware of the HGTV version that shows a complete home remodel in a 1-hour episode. This conversation helps to peel back the layers and walk-through the financial and physical aspects that are crucial to executing a flip. Listen to learn the steps and processes to know what homes and locations to invest in, how to plan ahead for taxes, and what projects make a home more valuable.
IN THIS EPISODE:
[01:01] What is a house flip and how to find the best location for your flip?
[07:10] What’s involved in a flip: Financial and physical aspects.
[11:49] Taxes and whether to sell vs rent your newly remodeled property.
[15:27] What projects make a house more valuable and whether to invest as an individual, with a partner, or as a team?
[21:45] How important is staging a house before you sell it?
[26:35] Learn from others who have flipped before.
The key to flipping is knowing the market and the right locations. Then look for low priced homes in those trending neighborhoods.
The more you can do on your own without hiring a contractor, the lower your cost is to do the home improvement, which means the more likely that you’re going to be able to make more money on the flip.
There are five key financial elements to consider doing a flip: purchase price, remodel investment amount, remodel timeline, estimating sell price, and lastly taxes.