Flip tips from Peter Pasternack

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Flip tips from Peter Pasternack

1.Flipping houses is a business. You have to make money to stay in business.

2.Have your funding in place before you look for a deal.

3.Have extra money in reserve. If you plan to use every penny that you have, you will be in trouble.

4.Understand all the costs involved in the transaction. These include interest, repairs, closing costs, holding costs and sales commission.

5.Put your budget down on paper. Compare your actual costs to your budgeted costs so you can see where the differences occur.

6.Time is money. Use your time and money wisely.

7.Talk to a real estate agent about what you are planning to do to the property. Determine what the property will sell for after your repairs are completed.

8.Don't be afraid to make low offers. No today doesn't mean no tomorrow.

9.Know what features and amenities your potential buyers are looking for.

10.Absentee management doesn't work. You must be on the job site to monitor the work being done.