House flipping is one of the commonly used real estate investing strategies. The principle is simple; you buy low, renovate, and sell high. The income potential is high but one wrong move and you could end up losing your investment. If you are a fan of real estate reality TV show, you may think that flipping houses are simple but in reality, they are not as simple as what you see on television. One of the popular real estate guys is Scott Yancey. He has a real estate reality TV program; Flipping Vegas. With his wife, they search Las Vegas for dilapidated properties, renovate them, and sell for profit. You can find a detailed information about him on his LinkedIn account.
Scott Yancey, being a seasoned investor has mastered the ins and outs of house flipping. If you want to maximize your fix and flip profit, then you should consider these tips:
Start small – Trying to do something too big on your first house flipping project is a big mistake. The bigger the project the higher the risk and you can afford it if you are a first timer. Start small such as a single family home. It would take a few amounts of money to renovate it and most importantly, it would not take too much of your time. As you learn the ropes, you can gradually proceed with bigger projects.
Be mindful of the types of repairs the property needs – Make sure you do all the necessary repair. Before you purchase a property, make sure you thoroughly check the inside and the outside structure to check what kind of repairs the property needs. Stay away from properties that have foundation and roofing issues as they demand costly repairs.
Work with the best construction crew – House flipping entails a lot of work and mostly construction work. Which is why it is important to work with the best construction crew. Even the do-it-yourself buff like Scott Yancey stressed the importance of working with the right construction crew. They are an integral part of the success of your house flipping project.
Take a real estate course/real estate training – Before you even attempt to flip a house, make sure you know and understand what you are up to. It is important to get a real estate education. Scott Yancey provides real estate training to both novice and seasoned real estate investors. He formed the Scott Yancey event that aims to deliver a live real estate experience to people who want to pursue a career in the real estate business. He specializes in house flipping but also tackles other important details such as tax liens, wholesaling, fix and flip, fix and hold, and the likes. More inputs about the Scott Yancey event are available here https://seminarreview.com/seminar/scott-yancey-review/.