The procedure of flipping a house
Investing in real estate is a great way to get rich. For example, you can simply buy a cheap house and make improvements, then quickly sell it for more than you paid for it. When you ask most people what the secret to success is, they will tell you that the secret to remodeling a home is not just your job, but also finding the right home.
On the hunt for good real estate
First, check your local courthouse for new bankruptcy or foreclosure filings to find a good home to invest in. Also look in the local paper for “handyman specials,” call local real estate agents, and place an ad in the local newspaper. Second, knock on doors to find and ask if the owner is interested in selling. Surprisingly, many are interested in selling but have not yet contacted a real estate agent. If they aren’t interested in selling, ask them if they know anyone who is. Third, find the ugliest house in the nicest neighborhood that doesn’t need structural or system repairs. This is the ideal type of house to flip.
Take from the cost of decoration.
First quote the necessary construction materials in a big store. Visit the contractor supply section, and then you should be able to get a nice discount for all your remodeling work. Visit a used building supply store, they can save you a lot of money if the supplies are in good condition. Paint everything you can, including appliances that work well but look old and worn. Painting is the cheapest and best way to quickly improve a house. Determine which jobs you’ll need help with and call a local licensed handyman for an hourly rate. Make a help list of friends and family; or hire local teens for the jobs you need help with.
More information about resources
First, wander through the large flea markets to find permanent stalls. Some used building vendors have been at the same flea markets for over 20 years. Second, look in your local classifieds for people advertising used materials and supplies. Local classifieds are a great source for used appliances in good condition. Third, check out the hotels and apartments that are being remodeled and talk to the owner or builder. You may be able to get used supplies or materials just by moving them out of the way. This is a great source for rugs, lights, and cabinets.
sell the house
First, determine if you should sell on your own, based on real estate commissions and your bottom line. A real estate agent can save a great deal of time because they already have qualified buyers available. Second, advertise in local newspapers and online. You can place classified ads online or set up a home-only web page. Be sure to include the selling price and have photos for potential buyers to see. Third, host an open house that has been well publicized. Keep coffee and snacks on hand that will make people feel more at ease. Keep a sign-in sheet with the names and phone numbers of the people who will be attending. Have soft music playing in the background to give the open house a “home” feel. Pass out a flyer that has a photo of the house and pricing information; attach a business card. Return all phone calls and answer all questions as soon as possible.