• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Threshold Homes | MinnesotaThreshold Homes | Minnesota

Flipping, Staging and Decorating Homes in Minnesota

  • Blog
  • Podcasts
  • Our Work
    • Portfolio
    • Upcoming Projects
  • The Fixer Upper Checklist
  • About
    • Contact
  • Learn to Flip

December 12, 2019 by Threshold Homes Leave a Comment

How You Can Get Started Flipping Houses

My initial interest in investing in flipping houses started nearly 20 years ago.  And by interest, I mean looking at business opportunities where I could be an entrepreneur.  Though, at the time, that idea was not very popular. Everyone…and I mean everyone was in technology.  And that was definitely not a profession I wanted to pursue.

For those of you who are thinking about getting started but not ready to buy, these steps are for you.  Steps that are based upon what I wish I would have known when I wanted to get started flipping houses but had no idea how.

network with other people who have flipped houses

1. Seek the people and events where people are ahead of you in the process.  

Whether they are acquaintances, people who work in real estate, or local meetups.  Any of the above can be a place to interact, observe and learn. This is not the type of business that you come across every day unless you are being intentional.

2. Use the free resources available to educate yourself. 

There are a few websites that host the same information as the MLS (multiple listing service) that agents use.  Check out different neighborhoods in your area and see what homes are listing for and what they are selling for.  

Drive around the areas you think would be good for flipping houses and check out the neighborhoods.  Are there roads with heavy traffic that you would want to avoid? Did you notice if the areas with commercial buildings are near single-family homes?  Are there recent flips or new construction homes in the area?  

3. Keep a list of people you meet and their area of specialty.

No, you don’t have to keep every business card but a Google doc can be a lifesaver.  Also, when you meet someone, like another investor, ask them if there are any preferred lenders they would suggest?  Add that to your list, even if you don’t need one right now. Preparation plus opportunity is where success happens.

4. Start analyzing numbers. 

Open a spreadsheet and use generic numbers to start seeing the results.  For example: purchase price 100,000.00, renovation 50,000.00 and resale price 250,000.  Use 5% for purchasing expenses and 10% for selling expenses and see what your profit would look like.  Now, when you find a house and look at the resale, you will have an idea of the range for your renovation budget.  If that number is low and the house is a wreck, then you will know its not a deal.

Whatever steps you can start now are the ones that will best prepare you when that right property shows up.  I encourage you to get started learning more about flipping houses rather than later, especially as we are upon a new year. Just think, 365 days from now instead of just thinking about getting started, you could have 1 or 2 projects under your belt, and several new skills personally too.

This post may contain affiliate links to help you shop and find the items I use and decorate with. If you purchase  I could make a small commission at no charge to you. Please read my disclaimer here and privacy policy here.


Amber

Want to buy a property and renovate it?

I have a freebie checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.

Love before and afters?

Follow us on IG @thresholdhomesmn and FB  @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!

Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the perfect house.

Pinterest-Threshold Homes
House flipping, home renovation, selling a house for profit, real estate, House Flipping Tips

For more inspiration for home renovations, follow me on Pinterest @thresholdhomesmn

Related posts

House Flipping Secrets the TV Shows Don’t Tell You 9 Types of Houses to Never Buy The 3 Things I Would Research TODAY if I Was Getting Started Wholesaling and house flippingWhat is Wholesaling and What Does it Have to Do With Flipping Property? The Dangers of DIY in House Flipping

Filed Under: Tips, design, fixer-upper, Home Purchasing, homes, house flip, In Progress, kitchen, Our Property Flips, remodel, renovations, restorations Tagged With: business tips, coaching, contractor, days on the market, fix and flip, flip for profit, flip house, flipping houses, House, house flip, house flipper, house flipping 101, how to flip for profit, how to spot a good flip, investing in real estate, investing in real estate coaching, real estate coaching, real estate course, real estate investing, real estate investor, real estate program, second income, Tips

Our Projects and Inspiration Delivered to Your Inbox

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Footer

Threshold Homes LLC

Minneapolis, Minnesota

Contact Amber
612.559.3238
amber@thresholdhomesmn.com

Contact Alan
952.334.5469
alan@thresholdhomesmn.com

Follow Us @thresholdhomesmn

  • Facebook
  • Instagram
  • Pinterest
  • YouTube

Our Projects and Inspiration Delivered to Your Inbox

  • Blog
  • Podcasts
  • Upcoming Projects
  • The Fixer Upper Check List
  • About
  • Learn to Flip

© 2023 Threshold Homes LLC · Design by squishy