How to Avoid Losing Money before Purchasing a House to Flip
If you are just starting out in the house flipping business, then you may be nervous about losing money, and rightfully so. However you can diminish your risk by learning what to look for before purchasing a house to flip. When you are just starting out, it is incredibly easy to overlook something small which could end up costing you hundreds if not thousands of dollars down the road.
This week's House Flipping School Member videos will show you what we look for when inspecting properties. The goal of these videos is to help you see what we see when inspecting a house before we purchase.
How to Inspect Properties | an overview
This week's first HFS members' video is all about how to master inspections right from the get-go. Specifically Mike and John will be talking about:
- The critical importance of the repair estimate sheet
- How to pin-point the cost of repairs when you have no construction knowledge
- How to find the experts you need to tell you what is wrong with a house
- Professional inspectors and what kind of inspector you should avoid hiring
- The 2 things you need to know before placing an offer
Mike's Step-by-Step Inspection System
When inspecting a potential house flip property, Mike abides by a strict step-by-step system that helps him not miss even seemingly minuscule fixes and issues.
In this video Mike discloses:
- How he uses a 1 page cheat sheet for estimating the cost of repairs
- The importanace of knowing septic systems inside and out
- His overall step-by-step system for inspecting a house before placing an offer
Special Fixes that Cannot be Overlooked
Problems with certain aspects of a house cannot be missed. If you do miss issues with these parts of the home, you will have trouble when it comes to selling your house flip.
In this video Mike talks about special fixes and issues that you cannot overlook - no matter what. In particular:
- The critical importance of identifying and understanding the condition of the house's foundation
- Why you need to start using a post property inspection sheet right now
- How to hold difficult contractors accountable
Coming Later this Week
Our crew here at House Flipping School has a lot of helpful content in the pipeline for HFS Members. Stay tuned because we'll be uploading new premium Whiteboard and Roundtable videos later this week.
Of course if you are not yet an HFS member, be sure to check out what membership is all about by clicking here.
We have a lot of new and exciting educational programs taking shape here at HFS, and we are looking forward to having you onboard as a member.
Take care and see you at the top!