10 mistakes that made flipping a flop

[luv2flip]

1.Using 'liar loans'

2.Overpaying

3.Lacking cash

4.Quitting your day job

5.Hiring an unlicensed contractor

6.Buying sight-unseen

7.Buying out of state

8.Buying too many properties too fast

9.Underestimating remodeling costs

10.Having a poor exit strategy

[troubles74]

A lot of folks get caught up in a home that they are supposed to be flipping and they attempt to take the time and put forth the same effort that they would if the home was one that they were going to live in themselves.

When you are fixing a home that you are going to flip,of course fix it properly,just don't put to much time into it.Try and make it a speedy process and do not take it to far.

Repair and update the home,but do not spend to much money on the home.The folks that purchase the home will put their own touches on the home you do not need to.Just make sure that all of the major repairs and stuff are done.

Most homeowners like to put their own special touches and decor in the home so leave it easily versatile and easy for a new owner to switch up if they want.