Welcome to the podcast with Trish and Heather, where we'll be covering our First FLIP Formula which is the key to successfully flipping houses.
Our next 4 episodes will go into the details of the First FLIP Formula, but in this episode, we discuss house flipping in general, what are the benefits and risks and outline of our First FLIP Formula.
What is House Flipping and What are the Benefits and Risks?
House flipping is a relatively simple concept. An investor purchases a property, typically at a discounted price, and then renovates it. The investor then sells the property for a profit. The key to success is finding a property that can be purchased at a discounted price and then renovated to increase its value.
Key Points for Success
Buy low and sell high.
Find a property that is undervalued
Improve the value by renovating.
The goal is to make the property more desirable to potential buyers.
Risks
The property may not go up in value as much as expected
Losing money on the project
Unexpected costs and delays in the renovation process
Other associated fees and costs (such as holding costs) being greater than anticipated.
First FLIP Formula
F - Finding The Right Property to FLIP
L - Lend with a Property Investment Money Partner
I - Improve the Value by Renovating
P - Profit from the Sale
As professional designers, we know that our unique First FLIP formula is the key to successfully flipping a house.