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The TV shows make it look so easy. You buy an ugly house, fix it up in a week or two and then sell it for a whopping $100,000 profit.But as anyone who has ever tried it knows, house flipping is a lot harder than it looks.And often, the math doesn't add up to a sizable payday when you factor in the time, effort, labor and money to execute a flip. But that doesn't keep people from trying.
Flippers face four key challenges:
• Finding a good house at a low enough price to make the deal work
• Finding reliable contractors to do quality work at a reasonable price
• Finding money to finance the deal
• Selling the home at a price that will cover expenses and provide enough profit to compensate for the time investedIf location, location, location is the mantra for all real estate, “do the math, do the math, do the math” should be the mantra for would-be flippers. And we mean all the math.
For example, if you calculate a potential flip this way:
Buy a house for $100,000, spend $20,000 on improvements, sell it for $150,000 and earn $30,000 profit, you clearly haven’t done all the math that’s needed.