Need some extra cash ASAP—but not willing to go the way of bank robbery? The good news is that flipping houses is a feasible way to earn cash relatively quickly!
So how exactly do you get started flipping houses? While there’s much more to learn (and many more resources on BiggerPockets to help you out), let’s reduce the process to seven simple steps.
The 7 Steps of Flipping a House
1. Educate yourself.
Know what the heck you’re getting into. House flipping is awesome, but it can be risky. So watching videos like this one is a great first step, but don’t stop here. Check out our books on flipping houses and the rest of the articles on this blog. Then ask all of your flipping-related questions as they come up in our forum dedicated to this topic—and get answers from experienced investors who have been where you are. Who knows—maybe you’ll meet your next partner there. Speaking of…
2. Figure out your funding.
Maybe you need a partner. Maybe you need to check out hard money lenders. Or maybe you need a combo of various financing strategies. Whatever the case, look into how you plan to finance the deal before you look for the deals themselves.
3. Find leads.
Landing good deals isn’t always easy, especially in a competitive market. Sure, finding a good real estate agent is a solid first step. But incredible deals are hard to come across on the MLS these days. Luckily, there are alternative strategies: For…