WHAT IS YOUR CREDIT?
MAKE IT AS GOOD AS POSSIBLE
SET UP YOUR CORPORATION
HAVE YOUR FINANCING IN PLACE
CHOOSE A CONTRACTOR
FIND THE HOUSE TO FLIP
DO YOUR COMPARABLES
CONTINUE YOUR EDUCATION!
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How to flip a house? Inspired by the hot TV show "Flip That House," this is the hot topic that everyone wants to know about.
While it looks fast and easy on TV, house flipping is not something that you want to jump into without a lot of thought and prep before you make your first offer. You need to have a strategy laid out with hard concrete rules that you will not break before getting started. Otherwise you will end up getting in over your head, possibly losing your shirt because you are making emotional decisions rather than intellectual game plan strategy decisions.
The House Flipping Game Plan or Strategy
- Make sure your credit is as good as possible.
- Have your corporation in place.
- Have your financing in place.
- Have your exit strategy in place.
- Find a contractor.
- Find suppliers.
- Find a realtor.
- Find several properties.
- Do your comparables.
- What have equivalent homes in the area sold for in the last 6 months?
- How much are all of your costs in preparing the home for sale?
- What is the profit you want out of the home?
- What is your maximum offer price for the home?
- Make your offers.
- Purchase the home.
- Rehab the home.
- Exit and start all over again
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