Flipping properties doesn’t have to be as high risk as it sounds but there are a few tips to follow to increase your chances of success. Knowledge of the market is primary. Know the market inside and out, both by the numbers such as properties available, and the people. Start small when selecting a property and also in knowing what renovations are needed. Keep multiple exit strategies in mind when selecting properties and when renovating. This will increase the chances of a return on your money in order to invest in more properties.
Key Takeaways:
- Find one zip code region you want to work in and develop a network of people in that area to help you become knowledgeable about it.
- Use online sources, like Zillow, to get a bead on which properties are selling and what state they are in.
- To start netting profits right away, buy for under value and buy properties that need at most cosmetic fixes.
“The sooner I can get my money out of the deal and move it to the next one, the more deals I can do in that calendar year.”
Read more: https://www.biggerpockets.com/renewsblog/reduce-risk-flipping/