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The Ultimate Guide To Home Flipping for Profit

The Ultimate Guide To Home Flipping for Profit

Jun 17, 2024 | Selling Your Home

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A step-by-step guide to successful home flipping for beginners.

Are you looking to get into flipping homes? It can be a profitable and rewarding investment if you know what you’re doing. However, successful home flips require extensive work, research, and a good strategy. That’s why I’m here today to share three expert strategies that will guarantee high returns on your investment:

1. Research and planning. Begin by researching your local market with your agent to find the perfect property. If you need financing, ask your Realtor for lender recommendations. Once you know your budget and what you’re looking for, search for distressed properties with improvement potential. Focus on intangible assets like location or size. A home in a great location, even if it needs significant work, is often worth the effort.

“When you flip a home, begin with the end in mind by knowing what the home will be worth after strategic repairs.”

2. Inspect, repair, and know your ARV. To minimize investment risks, we recommend you conduct a thorough inspection, identify what repairs need to be done, and determine your ARV or After Repair Value. This means that you have to begin with the end in mind by knowing what the home will be worth after strategic repairs, then work backward to determine a great purchase price. If you’re unsure of a property’s worth, an experienced realtor can help you determine the value of a home in any condition, and help you find a reliable contractor to estimate repair costs.

3. Market your property. Once your home is market-ready, it’s time to market it effectively with your agent. Utilize online websites, social media, and video marketing. Don’t forget to list your property on the MLS with your agent. After finding a buyer, your agent will lead negotiations. Working with an experienced agent, like myself, ensures you have expert guidance throughout the process.

By following these steps, you should make a healthy profit on your flip. If you’re interested in partnering on your first flip, ask me about my Fix-n-List program. If you have any questions, feel free to call me at 801-895-9296. Whether you’re considering flipping or simply seeking real estate advice, I’m here to help.

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Recent Testimonial

  • Stephanie, Kearns, UT

     "After my divorce, I needed to sell my home fast. A cash offer was ideal for me because I didn't have time or money to invest into getting my home ready to sell—and the stress of my divorce was all that I could deal with at that time. My plan is to rent for a while to get back on my feet, and I will to work with Stacey when I'm ready to buy again in the future! She even worked out a plan for me to get into a new home by helping me understand what I could afford and how much money I would need to save for the down payment and closing costs."

  • Bridget, Draper, UT

    “I sold my home on seller-finance terms after months of below-value offers. I had already moved, and the stress of two house payments each month was really weighing on me—and winter was fast approaching. When I made it clear I would accept seller-finance terms, I had three offers within a week! The buyer paid me a healthy down payment upfront, makes monthly PITI payments where I earn a profit, and will pay off the balance in a few years when I collect the rest of my equity. I was able to secure market value for my home, and when the rates come back down, the new homeowners will complete the purchase. It was a win for them…and for me!” 

  • Shay, West Jordan, UT

    “Stacey and Dallas were amazing to work with. We wanted to sell but didn’t know where to start. They visited our home, suggested we make some cosmetic changes that would sell the home faster and for a lot more than it would have otherwise. And they paid for the upgrades, listed my home, and sold it in 9 days! This saved me so much, time, effort, and the hassle associated with getting a home ready to sell, and it got us more cash in our pockets when the house sold.”

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