Mistakes Commonly Made

homealone · #1 10-18-2010, 07:10 PM

I am not a professional house flipper. It is something that I have looked into but discovered that it is something that just isn't for me. Of course that may change in the future however for right now I will leave it for others.

Though one thing I did realize was that most beginner flippers make the same mistakes. Most don't realize how long it will take to do the work needed to get the home ready for sale, then they also forget to factor in the costs of things that need to be fixed, replaced and so on.

These are the most common mistakes that I have noticed people making when they are just starting out in the field of house flipping. If your starting to get into house flipping then make sure that you do your homework and make sure that you factor everything in as close as possible so that you don't end up with a house flop instead of a house flip.

flip_it_fast · #2 10-19-2010, 01:00 AM

Those are two of the most common mistakes.

It is a super plus to have a close friend who is into real estate and someone who does remodeling and so on. They can be your go to guys to help you decide whether or not the house you are looking into is going to be able to be fixed and sold in a reasonable amount of time and with reasonable costs.

Nothing is 100% sure though, even with buddies who have the know how.

flippinout · #3 10-19-2010, 07:19 PM

Something else to take into consideration when deciding whether or not to get into flipping is your location.

Basically in our area, it wouldnt actually be the best way to decide to make money as most of the steel mills have shut down and the economy in our area sucks. Too many layoffs.

So the economics of the area you are in is a definite deciding factor on whether you should or shouldnt go into flipping.

My best advice for people around here would be, dont quit your day job.

House on the Prairie · #4 10-20-2010, 06:40 PM

I agree. One of the best things people can do in this current market is to maintain or make wise upgrades to their current home. With life as fluid as it has been in the past few years, even those who swore they would never move are having to consider going to where the jobs are.