Know Your Budget
The number one tip when it comes to house flipping is to know your budget and not give into the temptation of exceeding it in the hopes that you can chase higher profits.
Before you even start looking at any houses, figure out how much you have to spend in every area of the transaction. Know your limits when it comes to the purchase price of the property and understand how much it is going to cost you to do whatever work needs to be done. When buying a foreclosed home you are often asked to buy it as-is, so you can’t count on any smaller issues being touched up for you. Plan for everything and make sure you have some money in reserve, just in case.
Select The Right Market
Some cities are better than others when it comes to flipping houses, so be sure to take a little time to research the current figures to see which ones are currently hot. Of course this means having the capacity to be able to travel from state to state, which may not be desirable when you are just starting out.Read More