The 5 Stages Of Flipping A House
There is a process to this exercise and it needs to be written down in a fixed plan with details to each step so that the steps are taken in order.
A. Finding the house with investment potential
B. Analysing your offer so that you maximise your profits
C. Buy the house
D. Fix the house
E. Sell
It is better to miss a few good opportunities than to be landed with a ‘lemon’. If you lose $20,000 on a deal you have to make $20,000 just to be even again.
Each and every stage in this process is as important as the other. Each stage needs to have all the boxes ticked before you move on.
Make up a tick and flick chart so that you know you have assessed everything and checked everything.
When buying, it is a good idea to have a ‘devil’s advocate’. By that I mean have someone on your team who will pull apart any ideas you have for renovating a house and that way you will quantify to yourself that what you are doing is right. Just don’t take a brick along with you because you might want to hit them on the head with it.
Truly though, having someone who will give you the other side of the picture is a great idea because they will probably see good and bad things that you have not seen.
Filed Under: Investment Strategies • Property Investment Tips • Renovations
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