house flipping is all the rage, and the latest news show an increase in house flipping. However, don't let the television fool you. House flipping is harder than it looks. In fact, many things go wrong during the home flipping process that the cameras don't show you. First time and seasoned home flippers must navigate these mistakes, so the process is smooth sailing.
House flipping during bad weather
Too cold, too hot, too windy, too much snow/ice, too rainy - the weather never cooperates. What's the solution? Have a Plan B. Examples are working indoors, working on a different project, and/or swapping out one strategy for another (i.e., paint instead of spray).
The Plan B saves flippers time and money.
Dealing with house flipping delays
Besides the weather, delays often occur. From material ordering delays to a machine breaking down during operation, delays come in various forms. Delays stop other projects from completion, and that is frustrating to home flippers. Delays can come during the reselling process as well, so get ready. Flippers need to navigate through delays with flexible backup plans (i.e., working on a project not affected by the delay) and not limiting the remodel to one company. If the solutions don't apply, patience, positivity, and understanding go a long way.
Theft surrounding house flipping
Theft is a common problem in remodeling and reselling a house flip.
The theft process comes from outside forces and hired contractors. Fortunately, a solution is available. Install an alarm system complete with new door locks and fence/gate locks. Additionally, hide valuables in a safe location away from prying eyes. A shocking theory is not posting a 'for sale' sign. Criminals use the sign as a sign the place is empty.
The home can still sell without placing a 'for sale' sign.
House flipping expenses
Expenses come in two forms: the planned version (supplies, home purchase, etc.) and from unexpected costs. The unexpected costs throw a house flip off Therefore, prior to the remodeling/renovation process, have the home inspected for safety. If impossible, do it during the remodeling/renovation process.
Mold, broken water pipes, rotting wood, and damaged electrical wires are examples of unexpected expenses. Weather, delays, and theft count as unexpected expenses as well. The solution is to save additional money up for those accidents. This is the motivation for home flippers to pay less for home buying - the unexpected.
A successful house flip is paying the lowest money possible to purchase a house, remodeling the entire space, and reselling it for a higher price. Understand that life throws us lemons. It's a house flipper's job to make lemonade. Handle sudden situations with intelligence, patience, positivity, and grace. Breathe. Navigate through these waters and make lemonade in house flipping.
