Do You Need to Be Handy to Flip Houses?

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Overview of Flipping Houses

Flipping is a real estate strategy that involves buying homes, renovating them, and selling them for a profit in a short period of time. Flipping houses requires knowledge, planning, and savvy to be successful. Common mistakes made by novice investors are underestimating time or money required or overestimating their skills.

Steps to Flip a House

  1. Research and Preparation
    To start flipping houses, spend time researching the real estate market and choose the right location to invest in. Use the 70% rule to plan your budget. Assess your skill set.

  2. Execution
    Decide on and buy your house. Build sweat equity and proceed to flip the house.

Handy Tips for Success

  • You don’t necessarily need to be handy; but know a team of contractors. As you become better at hiring and coordinating contractors, you develop the ability to spot a property with potential and flip it profitably.

  • Being handy makes you familiar with home renovation intricacies. If you’re actively involved in the restoration, you can put in extra hours when needed to meet deadlines.

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