Mistakes Investors Make House Flipping in Weatherford
So you wanna get started investing in Weatherford Texas and you’re checking things out, eh? Good for you. There are plenty of mistakes investors make when house flipping in Weatherford that you can learn from. It may look so easy! At any given time there are half-a-dozen shows on TV where good-looking, well-dressed investors make the process look fast, fun, and profitable. But before that make sure you read this blog post to discover the most expensive blunders that house flippers tend to make… here are 4 mistakes investors make when house flipping in Weatherford.
I found a video recently of the world’s most successful investor… Warren Buffet… talking about why right now buying single-family homes and renting them out is one of the smartest things you can do.
Check out the quick video of Warren Buffet on buying investment property: (click here to play his video)
House Flipping in Weatherford or other cities can be highly lucrative… if you do it right. However, if you don’t do it right then it could end up costing you a lot of money, time, and frustration. We’ve got you covered! We’re sharing 4 mistakes investors make when house flipping in Weatherford so you can avoid these blunders and improve the return on your investment.
House Flipping In Weatherford
Flipping Mistake #1
If there’s one thing that every flipper learns pretty quickly it’s that you can never prepare for everything 100%. Certainly, not all investors want to or are suited for full-time investing, or even running a real estate investment business. There is nothing wrong with that. Brand new flippers often forget to “expect the unexpected.” For example, you can look at a property, assume it looks great, and then discover that there are termites. Or you might tear up a carpet and find mold. While troublesome, these problems aren’t the end of the world but for investors who aren’t prepared for them, they can be a costly shock. So, avoid this mistake by anticipating additional problems and provide additional funds and time into your project plan, timeline.
Flipping Mistake #2
Another mistake flippers make is to hire the cheapest labor possible. Rather than hire qualified professionals, flippers try to pad their profits by hiring any warm body. The problem is: cheap labor can actually be more expensive because they take longer and their work is not always up to the right standards (so it may need to be redone). Avoid this problem by hiring experienced, tradespeople. You may spend more up-front but the work will be done right — quickly and the first time.
If you’d like to flip some properties and perhaps want to partner with other experienced investors, why not get in touch with TMC Property Solutions at (817) 599-8058 and we might be able to give you some suggestions or even make some introductions.
Flipping Mistake #3
This is the problem that flippers are simply not even aware that it happens, but it does happen! It’s easy to become emotionally involved in the flip to the point where you forget that you are investing in a property for someone… and often what happens is, the flipper starts making renovation and decoration choices that THEY prefer (versus decisions that are cost-effective and will help to sell the properly quickly). To avoid this mistake, set a firm renovation and decoration budget and continually remind yourself that your goal is to create a house that can be sold at maximum profit.
Flipping Mistake #4
The majority of new real estate investors may have very little experience in starting and running a real business. So where can they find help in investing more intelligently, and building a real estate business which can produce better returns, and build more wealth over the long term?
Real estate investing is often a team endeavor, especially as you start out. Having partners is a step beyond just wholesaling and networking. Newbie flippers acquire a house and do all the heavy lifting to fix up the property, and then they make the mistake of assuming that the sale of the property will be easy. In some markets, it might be easy but in other markets, that’s not the case! Avoid underestimating the effort required to sell and instead, prepare yourself for investing some additional effort in finding buyers or maybe even consider hiring a listing agent that can market and promote your house to the large number of buyers on MLS.
Joining a local real estate investment association (REIA) is one of the best ways to build this network and discover more ways to successfully do House Flipping in Weatherford and nationwide. Attend meetings and start establishing relationships with those in the immediate and surrounding areas. One of the key benefits of a group is being able to find investors who have or want opportunities just outside of your immediate areas. This could be a valuable group as you expand your business. One of the fastest-growing and well-known real estate investment associations in the Dallas Fort Worth area is the West DFW REI Group. You can also join their Facebook Group HERE as well. Check em out, create a free account, and enjoy some great networking, education, and access to discounted property listings. If you’re ready to get started with House Flipping in Weatherford Texas or other surrounding cities and you want to be notified of the properties we have as we get them that might be perfect flips for you, click here now to enter your information or give us a call at (817) 599-8058.
Flipping houses can be fun and profitable… or it can be frustrating and problematic. But you can make sure it’s fun and profitable by avoiding these 4 mistakes investors make when house flipping in Weatherford.
If you’re looking to get started with House Flipping in Weatherford, we might be able to help you out. We buy properties in Weatherford TX and would be happy to see if there’s a property that might work for your flipping needs. Just click here and enter your information or pick up the phone and call (817) 599-8058.
Feel free to connect with us HERE if we can help you.
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Are you located in North Texas? Come network, learn & do more deals by joining our West DFW REI Group by clicking here.