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Getting Started: How to Flip a House
Real Estate Flipping 101
In this ‘Before a Flip’ section, we’ve covered who, what, when, where and why of
flipping, as well as market environment and financial considerations of flipping
a property. To kick all these learnings into gear, we have a ‘getting started’
section covering the beginning stages of how to flip a house, aptly titled ‘real
estate flipping 101.’
Getting started with house flipping is like stepping into a new career, not only
are there new people to meet, but new policies and budgets to learn, real estate
laws to study, paperwork to fill out and a host of other action items.
Therefore, the best way to approach flipping a house for the first time is
similar to the way that most people would approach a new career: get educated,
get a mentor, observe the industry in action and become a life-long student of
the discipline.
Get Educated
The first step in learning anything new, namely house flipping, is to thoroughly
research the subject. Just like you would when studying for an exam, read books
on the subject, take notes and talk to experts. The goal of getting educated is
to immerse yourself in learning every detail of the discipline so that when you
get started, you’ll already have the theoretical knowledge required to move
forward.
Get a Mentor
Further to talking to experts and conducting educational interviews, getting a
mentor, is also a worthwhile pre-flipping exercise. Other than the book
knowledge gained in the research phase, this step will allow you to see the
industry in motion day to day, and hopefully allow you to learn from the best
house flipper in your city.
Watch a Flip
Once you’ve observed an expert or secured a mentor to shepherd you along,
watching a property flip from start to finish is the best form of
experience-based education a person can engage in. Watching a flip will teach
you practical lessons you may have missed in your readings or discussions and
will give you a full picture of the process.
Become a Student of the Discipline
Once you’ve learned the industry and done a flip, sift through the information
you’ve gained and weed-out the bad from the good. Bring in some of your own
ideas and shape your approach. There is not one formula that works, but rather a
series of routes which all lead to a victorious flip.
Therefore, read, observe, experience and then shape your approach to the
industry through your insights, personal experiences and expertise.
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Free e-book
A practical beginner's guide to assist in making your home flip a success.
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