How to successfully flip homes for a living?

What is the take-home message of TV shows based on real estate and house flipping? Many starry-eyed youths will state that house flipping is a lucrative way to make big bucks from meagre investments. However, experienced real estate agents and investors have different opinions.

According to people with experience in flipping houses, it is a business with significant risks. It might seem like a simple investment plan with straightforward equations of profit. However, it demands significant levels of commitment, and tenacity, since a flipped property can remain unsold for months or even years to come.

1. Switch off that TV

If you want a real career flipping and selling houses, you need to switch off the TV. The reality of real estate is very different from the rosy-hued films they show on TV. It is important NOT to make financial decisions based on the stuff you see on TV.

2. Get some professional training

Once you manage to reconnect with reality, you need to consider getting some formal and vocational training selling houses. You will find several ads online and offline about stars of the real estate market offering crash-courses to beginners. Check out a name you trust to understand what you can expect from a short-term training course or certification program. For example, you can visit the Phill Grove site that offers training programs for rising real estate agents and investors.

3. Work for an expert

Next, find a mentor or work as a junior. Although it sounds a lot more like a 9-5 job than a dream career, you will benefit from working with a professional. The experienced real estate agents and home flipping experts have been working on the field for a while. They have significant wisdom to offer to the juniors. Moreover, you will get to interact with essential investors, realtors, attorneys, buyers, and sellers in the market without investing a penny of your hard-earned money.

4. Get hands-on training

While working with other experienced investors, you can learn how to DIY small repair works and how to save money. Some small repair works like changing water fixtures or installing a sink might not require the help of an expert. You can acquire building and fixing skills by getting your hands dirty on the field. Work beside experienced contractors to learn essential tips and tricks that can save you money when you flip houses for a living. Use adjustable beds for your comfort.

5. Learn record-keeping

Another important skill you will acquire is to keep records of almost everything. No matter how small the expenses, your contractor, immediate superior, and potential buyers would like you to keep records of all your expenses on the property. When DIY-in a house flipping, you might end up with a shoebox full of receipts from Home Depot. Your organizational skills will come in handy in case of an audit in the future. Writing everything down or digitizing can help you keep track of expenses, irrespective of the records your contracting team keeps.Also learn modern interior design ideas.

Most professionals who flip homes for a living get proper training and certifications as real estate agents in the long run. It is indeed profitable if you intend to invest in properties and rehab them for new buyers for years to come. You will not have to worry about the (6%) realtor fee when putting the new property up for sale on the market.