Robert DeFalco Realty, Inc.
Ann Grande, Robert DeFalco Realty, Inc.Phone: (347) 837-6989
Email: [email protected]

Fix-and-Flip With No Experience Necessary

by Ann Grande 01/01/2024

Is it possible to flip houses for profit with no experience? Luckily, this is one area of real estate investment that is viable even for beginners. Here is a simple beginner's guide to house flipping to get you started:

Step 1: Find a Cash Source

Flipping a house requires more cash up front than with a traditional home purchase. This is because besides things like the down payment, you'll need cash to pay for renovation materials, tools and labor. Many flippers save up money before they begin, but there are also specific loans available for renovations. Research your options and compare lenders to find what works for you.

Step 2: Build a Team

Fixing and flipping a house is difficult to do on your own. Having at least one other person available to help you with renovation projects, logistics and planning will help your flip go more quickly and more easily. It's also a good idea to find a real estate agent and a licensed contractor to work with you throughout the project, as well.

Step 3: Work Out the Financials

Just like a traditional home purchase, you'll need to save money for a down payment and whatever type of loan you choose. However, when planning for a flip, it's also crucial to determine your ARV or after resale value. The ARV will tell you the minimum amount you must sell the house for to break even on the project. Obviously, it's ideal to make a profit, but knowing your ARV will help you stay on budget and price accordingly.

Step 4: Sell the House!

Once the renovations are complete, it's time for the payoff. This is where working with your real estate agent comes into play. They can help you list and sell the property efficiently so you don't waste money and time with it on the market. An agent can make sure you list at the right price and handle showings with potential buyers. This will give you the best chance at a profit for all of your hard work.

About the Author
Author

Ann Grande

Hi, I'm Ann Grande a Full Time NYS Lic Real Estate Salesperson , Top Producer for over 25 years..I would love to assist you in your search of finding a Home or Selling a Home..... 

You will benefit from having a real estate professional by your side. I would be honored to put my real estate experience to work for you....24/7 of Service Call or Text 347-837-6989 

Other Real Estate services that I handle are Buying & Selling commercial properties, Investment Properties, Land .

Areas that I Service in New York are Staten Island, Brooklyn & Manhattan