Here at The Marc and Mandy Show, there’s nothing we love more than a good home tour. Today, on this Design Tour segment of the show, Jayson Shmyrko from CIR Realty shares a tour of his amazing home transformation. To find out how he flipped his house and to see the finished project, check out the video above. To learn more about house flipping and for a few mistakes to avoid when flipping a house, keep reading.
How does house flipping work?
House flipping is also called wholesale real estate investing. It’s a strategy that involves an investor purchasing a property with the intention of selling it for a profit. Because the end goal is maximum profit, the original price point of the home is important. You want to buy the house at a low price in a good location. House flipping can be beneficial but it can have its downfalls.
What are some mistakes to avoid when flipping a house?
There are a variety of mistakes people make when flipping a house. We’ve listed a few major ones to avoid below:
Not having a big enough budget. House flipping is expensive, from the initial purchase to financing to fixing up, making any renovations, and redecorating the house. Make sure you speak with someone who’s flipped a home before or do thorough research so you’re not surprised by the amount of money you’ll be pouring into this investment.
Not allocating enough time. In addition to being expensive, house flipping is usually a lengthy process. Beyond making any necessary repairs and renovations, don’t forget to account for the time it will take to actually sell the home.
Not enough professional help. Professional builders come at a high cost, so if you’re not willing to invest in professional help (and you don’t have those kinds of skills yourself), you may not want to begin the house flipping process.
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