Flipping houses in Texas is one of the most lucrative investments in the real estate market. The limited capital requirements and minimal uncertainty in this real estate investment have enticed investors in large numbers. Of late, the number of flipped houses has drastically increased due to the rising number of house-flipping shows on TV.

However, there’s a catch here. Real estate deals like a probate sale or flipping are much more than what’s shown on these reality shows. Unlike what you see on these shows, house flipping isn’t so straightforward. There’s a lot of research and networking that goes behind locating properties, buying them, and further reselling.

Investors who understand the process well and can succeed at it can make lumpsum profits in a short period of time. One should have market knowledge and expertise in identifying properties worth investing in. This expertise and understanding of the market are developed over time as you start flipping houses and experiencing the process all by yourself.

So, if you are planning to get into the house-flipping business, there are certain essential things to remember. This blog briefly explains how one can be a successful house flipper and make tidy profits.

House flipping & the process

House flipping in Texas is all about buying low and selling high. That’s exactly what all property flippers do. Flipping houses refers to buying a property that is usually in a distressed condition and making necessary cosmetic fixtures to resell it at a higher price. It is similar to any other property purchase except for the purpose behind it. In the case of house flipping, a property is purchased to resell rather than for a residence.

House flipping can be done in two different ways. The buyer can either purchase a property, make required renovations, and put it out for sale, or simply hold onto a property for some time until its market value increases and it can be sold at a higher price than the actual buying amount. Whatever the case, the goal remains the same i.e. to buy low and sell at a higher price in a short period.

Coming to the house-flipping process, it is quite simple. However, one must be patient and have a good market understanding to be a successful house flipper. The following discussed are a few steps involved in house flipping that you must know.

  • Capital funds play a vital role in any real estate investment. Hence, it is imperative to get the finances in order and decide on a budget. Knowing how much you can spend on buying a property will help in locating suitable leads.
  • Once the budget is decided, you need to start looking for properties that fit your budget and requirements. A majority of the flipped houses fall under the distressed or probate sale category. Having strong connections or an experienced agent on your team can ease the process of finding the right property in less time.
  • Then comes the buying phase wherein you have to negotiate a price that is agreed upon by both parties. Most investors tend to make crucial mistakes in this phase as they end up paying more for properties than their actual market value.

Pro Tip: It is always a good idea to assess the present property condition and calculate its after-repair value to make a fair buying bid and stick to it. If the offer falls through, there are always other options in the market.

  • Post buying the property comes the renovation part that should be done strategically while making the most out of it. Since the property is intended for resale, basic fixes are sufficient to make it market-ready. Hence, dealing with reliable contractors is vital as they will ensure that the repair quotes are in line with your budget.
  • Finally comes the resale where the property is expected to attract fresh buying bids as per the prevailing market rates. To sell a property, one should get it listed on varied property selling sites to connect with suitable buyers. This can be done with the help of a real estate agent who has strong connections in the market.

Summing Up!

House flipping in Texas is a legitimate and trending way of making money in the real estate business. However, much like any real estate investment, one must know the process well and understand the risks better before stepping into it. Risks in this regard refer to the loss of time, money, and effort as not all property deals are guaranteed to turn out successful.

But isn’t this the same for any and every business? Avoiding a few mistakes like weak market research, poor property inspections, investing more than the pre-decided budget, etc. is sufficient to keep the risks minimal while aiming for high profits.

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