SHOW NOTES:
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.
KEY TAKEAWAYS:
- 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.
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