CHAPTER 7 A Guide to Flipping Houses o Flipping Houses
Thanks to HGTV, DIY, and other similar TV stations, house flipping has become a widely known real estate investment option. But there’s so much more that goes into it than they have time to show you on television. And you need to be aware of everything else if you’re thinking of stepping into this arena.
THE TRUTH ABOUT FLIPPING
Close your eyes and picture one of these house-flipping TV shows. Imagine you’re a buyer walking through the finished product. Everything’s perfect, right? It might seem daunting when you apply this vision to your own situation. Well, the good news is that yours doesn’t even have to look like that. So much of that is just reality TV “eye candy,” but the non-TV reality is that you really just need to make sure the house is structurally sound and all the key elements — electrical, plumbing, floors, walls, etc. — are taken care of. Of course, it should look nice, but being “Instagram-ready” isn’t necessary. Plus, if you try too hard to decorate it in a certain style, it might actually turn buyers away and hurt your bottom line. Another false impression that TV gives is how long renovations take. Not only can unexpected problems come up (and they almost always do), but you also must factor in permit approval, inspections, your contractor’s and laborer’s schedules, the time it takes to get customized features made and shipped, and more. This is why it’s important to hire a good contractor — they can tell you what a realistic schedule should look like for your particular property. 46
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