Welcome to the podcast with Trish and Heather. Today we'll be discussing the F in our First Flip Formula which is all about finding the right property to FLIP.
F - Find the Right Property to Flip
When selecting a property to flip, there are a few key elements to consider. Because this is your first flip, it's important to look for houses or apartments that need only cosmetic renovations, as these are the easiest and most cost-effective to flip. We will refer to houses throughout this course, but exactly the same principles apply to apartments as well.
Key Points for Success
Cosmetic renovations only
You don't have to deal with big changes to the structure of the house
Not too complicated
Simpler and faster
Not too expensive and easier to budget
Risks
Structural issues
Fixing the foundations or changing the way the house is built
Unexpected costs and delays in the renovation process
Surprise costs
As professional designers, we know that our unique First FLIP formula is the key to successfully flipping a house.