House Flipping 101 – A Guide For Newcomers

If you’re new to the house flipping game, you probably have a long list of questions you’d like to get answers to before your first project well-and-truly gets underway. Flipping can be an extremely rewarding process, but it can also feel overwhelming, especially if you don’t have a good handle on what you’re doing every step of the way. 

Here, we take a look at the basics of house flipping, starting with a definition of the term itself. 

What exactly is “house flipping”? 

In today’s world, the phrase “house flipping” is used frequently, largely due to the popularity of certain television programs that revolve around the process. When someone decides to flip a house, he or she intends to purchase a home, often a foreclosure or short-sale, remodel it quickly and efficiently, and resell it at a profit. 

Much like the stock market, the concept behind house flipping is to “buy low” and “sell high.” 

What do I need to know before I flip my first house?

If you’ve found a great local real estate deal and you’re thinking about embarking on your first ever house flipping adventure, there are some key things you should know first. These tips will have you have the best possible flipping experience the first time around. 

– Research, research, research: The more research you do before you begin the house flipping process, the better off you will be in the long run. House flipping budgets, interior finish work, and other details vary greatly from one part of the country to another and even from county to county within a single state. If you live in North Carolina, for example, the Outer Banks and Asheville probably won’t have similar house flipping landscapes. 

If you spend time researching everything there is to know about the property market in your region of the Carolinas before you buy your first flipper, you’ll feel more confident moving forward with not only your current project but future jobs as well. 

– Stick to your budget: If you’ve ever watched a house-flipping series on television, you are undoubtedly aware that things rarely seem to go according to plan when it comes to finishing a job. Although unexpected expenses may arise, it’s important to have a reasonable budget you can stick to, especially for your very first foray into the house flipping world. If you need help coming up with a solid budget, talk to someone who has flipped homes previously for guidance. 

– Get an inspection: You should always have a home inspection before closing on any property you plan to flip. This way, if there are any glaring red flags that are likely to blow your budget or take too much time to repair, you can back out before signing any legally binding documents. Make sure you choose a reputable North Carolina or South Carolina home inspector to work with you. 

These are just a few tips to get you started on your house flipping journey. The more time you spend learning about this process, the easier it will be for you to find success the first time you flip a home. Best of luck in all of your future endeavors!

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