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Before you decide to flip a house, you need to choose your market. I suggest to focus on your local market first, especially if you’re just starting out. How is the supply in the market? If the market has a really high market, your house may not be very high in demand, thus taking longer to sell!
After you’ve researched your market, it would be time to build your team! You need a contractor, a realtor, a title officer, and a lender. Your contractor helps you fix up the house, the realtor will sell the house, your title officer handles the transaction, and the lender will fund the deal! I have used social media as a resource to finding good people! It’s really important that the members of your team understand flipping and wholesaling houses. This will make the process much easier for you and the team.
Then, you need to learn how to evaluate your deals. You need to know your numbers well! You should know your after repair value – or how much it may sell for after you fix it up. Another number you need to know id your repair costs. How much are you going to spend fixing it up?
Step four puts your planning to work! At this point in the process, you need to go out and find a deal! Of the three ways to find a deal, you need to pick the best deal you find. Pursing all three ways would be overwhelming when you’re just starting out, so I suggest pursing one or two strategies.
Then you can go ahead and buy the house! Afterwards, you are able to start renovations with your contractor. You and your contractor should have a plan on how to fix up the house before you even bought it!
After the house is all fixed, you can list it, sell it, and take your profit! Your realtor will be a big help when listing and selling the home. Like your contractor, you and your realtor should have a plan ahead of time regarding how much the house may sell for.
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