Done well, there is money in flipping homes. To figure out if there is any money in flipping homes, you first need to know if flipping homes is right for you and that you understand the basic mechanics of how home flipping works.
Money in flipping homes is made when you can successfully sell the home you have bought to flip at a profit. The amount you can make will vary from person to person but can be influenced based on the following factors.
- How long will it take me/my team to make the home market ready?
- Will my monthly interest repayments eat away at my profits if i can't sell fast enough?
- Am i working with a broker who understand my needs for home flipping?
- Can i hold this property if market trends shift and i'm unable to sell?
- Can i devote enough time to renovating or managing the renovation process?
- Will my financial lender allow me to buy multiple homes to renovate and flip?
As mentioned in our previous articles on how to flip homes, the greatest success we have seen is when small teams/groups of individuals get together and make flipping homes a business in which they are all involved and all have their roles to get the home market ready.
If you're ready to start searching for homes to flip, you can get started by setting up a Property Alert and start getting notified when properties meeting your exact criteria hit the market.