Have you decided to start a house flipping business? It is a brilliant idea where you can make huge profits by following the right approach. House flipping means buying a house and reselling it after some time with profit. You need to invest some money to attract the potential buyers and wait for the prospective customers. Here are some of the important tips to make your house flipping business a success one. If you are looking for more tips then search in Google using Flipping Houses 101 where you will get awesome 101 tips for house flipping.
You must learn about house flipping first. It is difficult to see success without knowing the basic things. You must purchase a book, course or hire a mentor or coach. Studying the house flipping concepts and tricks helps you to do a business without any struggle. You must ensure the mentor or coach has wide knowledge about the subject matter.
You must respond promptly to all the phone calls and voice messages of the sellers. Be in touch with the motivated sellers who show interest to sell their distressed properties. You must use a dedicated phone number for the house flipping business and add your contact number in the marketing materials like a website, postcards, bandit signs, business cards, TV and Radio. You should also have a fax number to get the documents such as real estate contracts, seller info and many others as fax documents.
You must market yourself as ‘We buy Houses website’. It is the most important marketing tool that creates money in the business. It acts like a 24/7 salesperson and works when you are in sleep, vacation and work. You must constantly market your business through any marketing medium of your choice which is simple and user-friendly.
Another simple way of marketing method to get phone calls from the motivated sellers are using Bandit signs with ‘ I Buy Houses’ and postcard campaigns of ‘ I Pay Cash for Houses’. These are simple methods to implement which offers fruitful result.
When a motivated seller contacted you through a phone call, you must have a script from the real estate investing course that permits you to collect all the required details that verify whether if the house is suitable for flipping or not.
Then you must visit the house and check the condition of the house. If the house is not in the good condition to sell then you must start the negotiation process by fixing the process by considering the After Repaired Value.
Once the seller and you have agreed on the prices then you must prepare a contract. Once you received the contract paper on hand then you can start flipping the house. You can easily flip the house to real estate investors who are looking for properties to rent it. You must collect the details of the real estate investor who shows interest in buying your property. You don’t forget to clear the title with the motivated seller. Once the title is clear then you need to close the deal using the real estate lawyer or title company.