To succeed as a house flipper, you must first understand the process and potential pitfalls of undertaking such an endeavor. With the right knowledge, planning, and patience, you can minimize the risks and maximize your chances of making a profit when flipping a house.
These are usually fixer-upper properties – homes in poor condition that require work before you can sell them. So, you must have an eye for distressed properties with potential and be willing to invest the time, effort, and money to renovate them.
Given that the purpose of flipping a house is to make money, you must buy the property at a low enough price to make a profit after renovation. Also, consider time because the longer you hold onto the property, the more money you will spend on upkeep (utilities, taxes, insurance, etc.).