Flipping: Flip a Houses for Profit in 2019
We’re going to be doing something a little different with this article. Instead of showing you a before and after of one of our properties, we’re going to take a look at what I do to stock my house flipping inventory.
What Is House Flipping?
House flipping is when a real estate investor buys houses and then sells them for a profit. In order for a house to be considered a flip, it must be bought with the intention of quickly reselling. The time between the purchase and the sale often ranges from a couple months up to a year.
We talk about this sort of thing when we do, it’s typically asking what I look for when I’m staging a house, and what kind of finishes on hardware or appliances I look for. Of course my flipping style is going to be different than yours, so the things that I look for may or may not work out in your properties. Hopefully you’ll get some good ideas for your own house flipping inventory!
First off, if you’ve been keeping up with our other articles, you already have an idea of what kind of staging I like to do in my properties. You can see examples of the before and afters in our other articles here!
Second thing: yes, I will be linking to all of the items I talk about. That way, if you like them too, you can get them for your own house flipping inventory! Like we’ve said before, the best thing to do to your rehabs is make them stand out in the area. If you’re using unique items in your properties then you’ll be adding your own flair to them (in staging, or otherwise).
Ok, so there are a lot of ways to go when it comes to staging. Of course you need the big items like couches, tables, chairs, etc. However, lots of people tend to overlook the little items that make a house feel more like a home. I’m talking about the little things like:
Plants (always fake so you can reuse them!)
Plates, cups, and silverware
Rugs and bathmats
Really, that list could go on forever haha. Here are some of the items that I picked up at IKEA to add to my house flipping inventory that really add a little something to each house I stage.
One of the first things experienced investors will notice about these TV shows is that the rough numbers shown at the end don’t always appear to factor in a lot of the costs. That means even in these silver screen scenarios, the actors are typically pocketing a lot less than they are made out to be.
New data from ATTOM, the leading provider of real estate and property data, shows that many are losing money, too. The latest Home Flipping Report reveals that average house flip profits are declining. The number of flippers using cash has also dropped to an eight-year low. RealtyTrac says that 21% of transactions show a gross profit of less than 10%. That means once all numbers are added up, these deals likely lost money. That’s in addition to 8% of flips that sold for less than the property was purchased for.
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