House Flipping is defined as: When real estate investors buy homes and then resell them at a profit months down the road. Most people think house flipping is easy. Anyone can do it. Piece of cake. Not so fast. The reality is simply this; you need a team. You need a contractor, a handyman, a landscaper, an accountant, a title company, a banker and more. You need patience. You need an architectural vision (interior and exterior). You need to understand the market and the specific neighborhood (location, location, location.). And you need someone who can help you estimate both the project costs and estimate the property’s worth in the community.
So, a property is up for auction or sale. Sometimes you get to see it. Sometimes you don’t. You put in a bid. You win the bid. That may be good news or not so good news depending on the structural condition of the entire property.
Good news. (We won’t even consider talking about the bad news). The structure is sound. But a coat of primer and paint alone won’t necessarily turn a profit for you. The kitchen and bathrooms in a house are major contributors to selling/flipping a house. Do the kitchen and bathrooms need updating? Is there enough closet space? Does the interior architecture space need to be rearranged? Redesigned? Time to open your checkbook. Good luck.