PHOTO: House flipping can be lucrative when done correctly. Steps that can help boost your chances for a successful flip including studying the market and setting a budget. (Photo: Thinkstock)
TV shows can make flipping — when an investor buys houses and sells them quickly for a profit — look easy.
Not so fast, say experts and flippers alike.
“There’s a lot of moving parts in house flipping with serious financial implications if you overlook something,” says Audra Walters, a real estate agent at Front Porch Properties in Charleston, South Carolina. “Failing to get a good estimate for renovations or not securing proper permits could cause delays and lead to massive losses.”
For Jerryll Noorden, a former NASA robotics research scientist who now flips three to four houses at a time through his Connecticut real estate firm, the hardest part was finding the funding to buy properties.
“Asking other people, including lenders, for money was a horrifying thought,” says Noorden, who started flipping houses in 2016. “I found an investor forum online and asked, ‘If I find a deal below market value, would anyone be interested in paying for the house and repair costs and we split the profits?’”
READ MORE VIA USA TODAY