Here’s what you need to know about getting started flipping houses.

Are you considering diving into the world of flipping houses? Let us shed light on the reality of flipping by sharing the good, the bad, and the ugly aspects of this venture. We often hear from potential flippers who are inspired by HGTV shows and assume that flipping houses is as glamorous and straightforward as depicted on television. However, the truth is far from that.

First, let's address the good news. Success in flipping largely hinges on how you acquire the property. Buying right is crucial, as it significantly impacts your potential profits. We've experienced various purchasing scenarios, from on-market and off-market purchases to acquisitions at an auction or Sheriff Sale. Generally, getting into the buying process before properties hit the market tends to yield better returns.

“Flipping houses is a journey filled with surprises.”

Now, onto the bad. Once you've purchased a property and begun renovations, unforeseen issues can arise, such as discovering extensive wiring or roofing issues that were not evident during the initial walkthrough. These unexpected expenses can eat into your profits and complicate the renovation process.

Finally, let's talk about the ugly. Picture this: you buy a supposedly vacant property at auction, only to find out later that it's occupied by tenants unaware of the impending sale. This situation requires creative problem-solving to find a resolution. In one instance, we offered the tenants a year-long lease before proceeding with renovations after they vacated. Surprisingly, this unexpected turn resulted in tax benefits due to the extended holding period, showcasing the unpredictability of flipping.

Flipping houses is a journey filled with surprises. Having a knowledgeable partner to guide you through the process is invaluable. Whether you need assistance with property acquisition, financing, contractor management, or navigating unexpected challenges, we're here to help. Don't hesitate to call or email us for support as you embark on your flipping journey.