It’s hard to miss the cultural movement of home improvement that has swept the nation in the last decade or so. Countless television shows teach beginners how to DIY everything from bathroom cabinets to renovated basements, and the hosts of such programs have become household names. Learning house flipping for beginners is a bit more complicated than you might expect, however.
Still, now is a great time to learn. Thanks in part to stay-at-home orders and the increasing popularity of telecommuting, there’s never been a better opportunity to put your thinking cap on and acquire skills that can help you invest in properties to flip. Equal parts challenging and rewarding, flipping homes as a side hustle can be a lucrative pursuit. It also requires a great deal of effort and planning.
House Flipping Step One: Consider Your Location
Where you live, or where you plan to purchase your first investment property, matters. Southern Living explains that some cities, like Tampa, Florida or Birmingham, Alabama, are good places to buy a home to flip. Coastal Living echoes this sentiment, saying that Tampa is the best city on the coast to flip a home. Consider cost of living, the activity in the housing market, and the purchase price of an investment property before you move forward.
Don’t be fooled by low property prices. Sometimes, houses are cheap, but you won’t have much luck reselling them once they’re fixed up. Generally speaking, a lower-priced home in a hot real estate market is a good investment opportunity for house flipping. However, it pays to talk to local real estate agents and contracts for more information before taking the plunge.
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