How To Ensure Profit When Flipping Houses

by Erin Fernschild 07/28/2019

Many people are joining the home flipping frenzy. Whether you are working on making a profit or just plain bored and wanted to make a quick buck, it was the field to be, but that is not always the case. 

People have forgotten the fact that when they flip houses, they are spending money, time, and effort. It is not in any way just focused on making a quick buck, and for some, it even means making some losses.

Maybe it is all part of the business, or perhaps it is all part of life, the only sure thing is the reality that people are not always as smart as they would like to believe. 

With that, if you are looking to "make a quick buck," flipping houses is not for you. If you want to make a career out of hard work and make sure you earn enough money for your efforts, the following are the best ways to ensure making a profit when flipping houses.

If you are just starting out, take smaller risks. No matter how people would say that a neighborhood is up and coming or a building as so much potential, it should be you and your budget which should do the talking. Taking smaller risks can mean any of the following:

- Buying a house with fewer changes that need to get done;

- Getting any home inspected before making a purchase;

- Knowing what you want to do with the house before you commit; and

- Spending less than 20% of your budget towards building the house more “habitable.”

Do not buy a house that is a former crack den or one that has pipe problems or gas issues; you may end up losing more money than making them. These places are right as investments for developers who would tear the whole house apart and start anew.

Always time your purchases. The economy goes up and down, and real estate is always fluctuating. If you want to make a profit, buy when the economy is down and make a sale when the real estate market is booming.

Now that you know how to do things the right way, it is easier to make sure that you make the right profit. If you would like to join forces with a professional, you can always do so. Contact a real estate agent today for some quick tips on how you can make the right purchase or that ultimate sale.

About the Author
Author

Erin Fernschild

With an undergraduate degree in International Marketing from William Paterson University and a wealth of business experience, Erin brings a unique set of knowledge and skills to both buyers and sellers. From helping buyers purchase their perfect home to maximizing a seller’s return, Erin combines drive, creativity, and attention to detail to ensure that each transaction is a success.

In 2016, Erin obtained her real estate license and joined the RealtyQuest team at Kinard Realty Group. Prior to joining Kinard Realty Group, Erin enjoyed a successful career in finance at powerhouse companies including Deutsche Bank, Bear Stearns, and Credit Suisse. In a variety of sales and marketing roles at those companies, she handled a broad range of responsibilities, including business development, new product development, product implementation, and product marketing.

She is a great listener and communicator and knows how to tailor each transaction with the least amount of difficulties to fully meet her clients’ needs. She is a natural people person who will work tirelessly on your behalf.

A New York City transplant, Erin loves everything about Fairfield and New Haven County. She is warm and energetic, and her enthusiasm for these areas is contagious. Erin is also very active in the Stratford Community, serving as a volunteer for St. James School Stratford-CT, member of the Lordship Improvement Association, and parishioner at Our Lady of Peace, Lordship-CT.

When not working on real estate, Erin loves spending time with her husband and two young children and enjoys skiing, running, boating, Barre classes, restaurants, and friends.

Her friendly style, tenacity, and technological abilities provide her clients with a competitive edge in challenging markets.