How to Flip a House

Flipping houses can be a lucrative business if you know the tricks of the trade. If you’re looking to flip a house in order to move to Colorado, we have some great house flipping tips for you from your Fort Collins Movers, Exodus Moving and Storage. Flipping isn’t always easy, but it can be a good way to make money. Take a look!

house flipping
CC Image courtesy of Emily May via Flickr

House Flipping Tips

1. Be ready to buy quickly. Sellers that are looking to sell quickly out of desperation are looking for buyers that are ready to buy as soon as possible – and having cash is an even better way to buy a home quickly.

2. Look for a discount. You can’t expect to make a ton of money flipping a house if you buy the house at a high rate. Look for homes that are in need of repair, or sellers that want to sell quickly, or even at a loss. You can get this information by asking real estate agents about their clients.

3. Keep renovations to a minimum. It hardly ever pays to do major renovation work. This kind of work is really expensive, and that means that you won’t save any money by taking on a major renovation project. Look for homes that require a small amount of renovations, but if you have a hire crews and rent a bulldozer, that house is probably not worth your time.

4. Remember that the real estate market fluctuates, and that means that house flipping isn’t always a lucrative business – you may have to wait it out for a few months. Be ready to spend a few nights in your new place, or find somewhere else to live while you wait for the home to sell.

5. Make sure you have enough cash flow. A lot of homes are purchased and slightly renovated before a buyer runs out of money. Make certain that you have enough cash flow to keep the whole operation going.

6. Keep track of your expenses. Make a note of every dollar you spend, and write down how much of that money you get back when you actually sell a home. Using this method, you can clearly see how much it costs you to flip a home, and how much you actually have to spend.

7. Use government breaks whenever possible. If you can get a discount, credit, or some other government break for installing eco-friendly or other elements, do it – you can use all the breaks you can get. For government breaks in your area, look at your state’s main website.

The Flipping Reality

It can be fun to flip a house, but it’s not always easy to do. You may have to wait a few months or years to sell a home for the price that you want. The best advice is to make sure that you can afford the home while it’s being repaired or sitting on the market. Also, keep in mind that most people do not like modern décor, so skip the glass sink!

If you are moving to Fort Collins to flip a home or because you want to flip a home, we can help you get here. At Exodus Moving and Storage, your Fort Collins movers, we offer full-service moving solutions that include helping you pack and move. We also offer storage options in both Fort Collins and Denver, so that you can store anything you can’t move or fit into your new home. If you need an estimate, we can do that too.

Call your Fort Collins movers today for additional details about your upcoming move, and feel free to leave us a note here if you have any questions.