Like any other business, some people excel, and others struggle. Flipping houses is not a specific science, but several things set the ones who do it well, apart from those who don’t.
I came up with four things that set successful flippers apart. Let’s get into four ways people who excel at house flipping differ from those who don’t.
Buy the Right House to Flip
There are several boxes to check before pulling the trigger on a home, and it can be tempting to jump on one even if it doesn’t check all of them. People who are buying right likely determined their answers to these questions:
- Who is my buyer?
- What is the buyer looking for?
- What is the best location?
- Does the house show potential?
- Is there anything fundamentally wrong with the house that may deter buyers in the future?
- What is my budget?
- What is my plan (to sell quickly, or are you open to renting)?
Buyers who excel in flipping do their homework. They know what they’re looking for (and what the buyer is looking for). It can take time to perfect this process, but do your best to plan and stick to it!
Time is Money Mindset
Those who succeed know time is money and run the project accordingly. While this does NOT mean rushing through a project, it does mean having a realistic timeline and adhering to it as much as possible.
There are several things to be aware of that can delay or slow down a job.
Here are a few:
- Not planning or setting up a calendar
- Lacking communication with everyone involved in the job
- Not setting expectations with everyone involved in the job
- Trying to DIY too much
- Going with the cheapest options instead of the best options (this goes for contractors and materials)
- Skipping steps like getting permits and vetting contractors
As you can see, many of the success flippers have come from planning and scheduling. You can’t see into the future, but preparation and realistic timelines help to keep things moving as much as possible through anything that happens.
Adapt and Move Forward
Next, successful flippers can make adjustments and move forward. Instead of getting stuck or discouraged when something goes wrong, they have an open mind and adapt.
I have seen many flippers continue to do things that haven’t worked. They do this out of habit or laziness. Running your flipping business requires a lot of analysis, and it’s essential to take a look at your processes and what works with each project. Adjusting your timeline to hire the right person makes your project successful.
To adapt and move forward, you might have to make tough decisions and have difficult conversations. Successful flippers do these things and see success in the long run. For example, if someone isn’t doing something they said they would, that needs to be addressed.
There are many lessons to be learned, and you will learn them by doing! Keep going.
Above all: Successful flippers take action.
Taking action starts as a newbie and continues through the flipping journey. To start, you can’t make an offer on a home if you haven’t taken the first step. First, look at properties, do your homework, calculate your budget, and make that offer! You will never get your first successful flip without taking action.
Ready to take that next step when it comes to flipping?
Perfect! I’ve got additional resources to help you get the information you need to move forward on creating your flipping life.
Make sure you have the Fixer Upper Checklist to know which areas are critical to added value in a home.
Several videos are available on finding houses, renovations, and funding on the Threshold Homes YouTube Channel. Check out your favorite flipping topics and new videos weekly.You can’t close a successful and profitable flip unless you start. What is your biggest challenge with getting started house flipping? Let me know. It may be an area where I’ve also had questions about myself. I’m here to help so drop me a DM.