I Flipped A Mansion And Made $$$____
Colby & Myself invested in a mansion in scottsdale arizona. After 7 months on the market. We walked away with a net return of over $100,000 profit! Here is a complete breakdown on how to flip a house in scottsdale arizona as a complete beginner!
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How To Start House Flipping In 5 Steps
You must know the essential steps before you start flipping houses. This will increase your odds of success and reduce your financial risk. Here are seven steps you can take to start flipping houses:
1. Know Your Neighborhood
Before getting started, you need to spend some time researching the real estate market and choosing the right location to invest in. It’s a good idea to work with a real estate agent who can advise you throughout this process.
Once you find a home you’re interested in purchasing, it’s a good idea to bring in a general contractor to assess the property. This will help you come up with an estimate of how much work needs to be done and whether the house still fits within your budget.
2. Use The 70% Rule To Plan Your Budget
The 70% rule is commonly cited among real estate investors. This rule states that an investor should only pay 70% of the after-repair value (ARV) of a property minus the necessary repairs. The ARV is what the home is worth after it has been fully renovated.
For instance, let’s say the AVR of a home is $200,000 and it needs $25,000 in repairs. So 70% of the AVR is $140,000, and when you subtract the repairs, that leaves a total of $115,000. Ideally, you won’t pay more than $115,000 for that home.
3. Assess Your Skill Set
Certain skill sets will make you more successful as a house flipper. For instance, knowledge of construction, real estate and design are good skills to have. It’s okay if you don’t have those skill sets yourself but that means you need to know how to find the professionals who do.
Before you begin flipping houses, you should assemble a team of experts who can assist you. This could be lenders, real estate agents, insurance agents, and contractors who help you find, fix, and sell the property.
4. Finance Your Project
The next step is to figure out how you’ll finance your project. If you don’t have cash on hand to put toward the project, then you’ll want to get preapproved for a loan. To do this, you’ll need a good credit score and the bank may require a 20% down payment or some type of collateral.
5. Decide On And Buy Your House
Finding the right property is one of the most challenging aspects of flipping a house. That’s because you can’t just think about how much the house costs right now – you have to consider the potential resale value.
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