Nelson Property Management
Matthew Nelson, Nelson Property ManagementPhone: (586) 850-7153
Email: matt@nelsonpm.com

Fix-and-Flip With No Experience Necessary

by Matthew Nelson 12/12/2022

Is it possible to flip houses for profit with no experience? Luckily, this is one area of real estate investment that is viable even for beginners. Here is a simple beginner's guide to house flipping to get you started:

Step 1: Find a Cash Source

Flipping a house requires more cash up front than with a traditional home purchase. This is because besides things like the down payment, you'll need cash to pay for renovation materials, tools and labor. Many flippers save up money before they begin, but there are also specific loans available for renovations. Research your options and compare lenders to find what works for you.

Step 2: Build a Team

Fixing and flipping a house is difficult to do on your own. Having at least one other person available to help you with renovation projects, logistics and planning will help your flip go more quickly and more easily. It's also a good idea to find a real estate agent and a licensed contractor to work with you throughout the project, as well.

Step 3: Work Out the Financials

Just like a traditional home purchase, you'll need to save money for a down payment and whatever type of loan you choose. However, when planning for a flip, it's also crucial to determine your ARV or after resale value. The ARV will tell you the minimum amount you must sell the house for to break even on the project. Obviously, it's ideal to make a profit, but knowing your ARV will help you stay on budget and price accordingly.

Step 4: Sell the House!

Once the renovations are complete, it's time for the payoff. This is where working with your real estate agent comes into play. They can help you list and sell the property efficiently so you don't waste money and time with it on the market. An agent can make sure you list at the right price and handle showings with potential buyers. This will give you the best chance at a profit for all of your hard work.

About the Author
Author

Matthew Nelson

Matthew has been licensed since 2011 and has dealt with all aspects of real estate. He currently holds the position of asset manager and agent to over 200 Investment rental portfolio properties from multifamily units as well as single family homes and condominiums. Matthew also carries designations to his real estate license including (ABR) Approved Buyers Rep, (SFR ) Short Sales and Foreclosure Rep. Over $7 million in assets purchased and 130 Investment properties bought to date. Clients contact Matthew to purchase, manage and sell Investment properties for profit.