What to know about flipping a house

[yveskleinsky]

If a beginner wanted to get started in flipping homes, what would he/she need to know?

So far I have:

- How to buy (determining fair market value)
- How to find a good house to flip: what to look for
- Getting Realtors or birddogers to find properties for you
- At what price point should a noob start out with?
- Estimating repairs
- Knowing which repairs/fixes bring the higest return
- Estimated time on the market
- Estimated sales price
- How to find a good Realtor--or when to use a Realtor and when not to
- Pros and cons of having a real estate license
- How to stage
- How to choose colors
- How to landscape/choose landscaping
- How to attract buyers
- Which advertising is worth the money
- How to estimate closing costs/final costs
- How to have an open house
- How and when to negotiate with potential buyers

...Any other tips, tricks, topics or questions that a noob should know about/ask? Any common mistakes you guys see that you can list here?

As usual, any insight is much appreciated!

 

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[kwerner]

Hey Yves, if you're looking for a crash course this should help you out:
Real Estate Investing at FlippingHomes.com - Make Money Selling Houses

I don't have any affiliation with this product, nor do I know Steve Cook, but his program looks to be the real deal. And there seems to be a lot of good info that he and others share on his website / forum.

Hope this helps.

 

[AroundTheWorld]

How to sell it quickly.
What to do if it does not sell.
Where to find discounted materials
How to work with contractors / subs. (pitfalls to watch out for)

 

[Dhappy]

I agree steve cook is the best when it comes to flipping. He is a super nice guy and a great business man.

 

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