Q:

How do you start flipping houses?

A:

Quick Answer

To flip houses, determine operating costs. Secure funding, hire service providers, and apply for permits and licenses. Finally, locate properties to flip.

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Full Answer

  1. Determine operating costs

    Establish how much you need to get started in real estate. Some expenses include broker’s commission, Internet access, a vehicle and legal costs.

  2. Secure funding

    Determine a source of funding. Do research on small business loans and home equity loans. Loans help you to get started if you do not have enough personal cash to purchase a property outright. Provide collateral or down payment to secure a loan.

  3. Hire service providers

    You need a painter, architect, attorney, contractor and landscaper for a house-flipping business. Ensure that you hire qualified and experienced service providers. Visit the Better Business Bureau website to vet applicants before hiring.

  4. Apply for licenses and permits

    Find out what licenses and permits are required in your state for a house-flipping business. Apply for and obtain the necessary licenses and permits to avoid legal problems. Work with a real estate attorney during this process for professional assistance in filling out applications.

  5. Start flipping properties

    Locate properties to flip. Find houses for sale online. Foreclosure properties are often an excellent option for flipping because they can be bought below true market value.

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