Not having a proper budget is one of the most common reasons why flippers fail. You could get your fingers burnt if you are trying to flip a property in a bear market, where supply has outstripped demand. You also need to be aware of what is happening in the wider market, at a local and national level. They key to successful flipping - and by that we mean making a decent profit - is to have a plan You also need to move fast - time is money, no more so when you are holding a property and paying interest on your loan.
Many an aspiring flipper has rushed into it without researching the market, working out a proper budget, let alone a timeline for their project. So how do you ensure your flip is not a flop? The key to successful flipping and renovating in Australia before you sellĪs any seasoned house flipper knows, the key to a successful flip - and by that we mean making a decent profit - is to have a plan. At the end of the day if your sale price doesn’t exceed the cost of buying, holding and renovating the property your flip will have flopped. It's not as simple as buy, renovate, and sell. You can get carried away and pay too much for a property or blow your reno budget on gold tap ware if you're not careful. There are numerous hurdles and pitfalls on the flipping journey, as many aspiring real estate moguls have found to their cost. Make no mistake, despite what the renovation reality shows may have you believe, flipping and turning a profit is not easy money. This is a totally different mentality and approach to ‘conventional’ property investment, where you might hold onto a property for years, even decades. It is typically done over a short period of time, months as opposed to years.
#House flipper game how to sell house tv#
Thanks to our booming property market, and all the home renovation shows on TV (like the latest Aussie Property Flippers TV show), house flipping is viewed as a sure fire way of making a quick buck.īut does the reality match up to the hype, and how do you ensure you make a profit? What is house flipping?įlipping is the process of selling and buying a house (or any property) with the intention of renovating it and selling it for a profit.
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