So you want to buy an old house, fix it up, and sell it for a profit. Here’s a hot question: is it worth it? Can you really make money on these fixer upper houses? Short answer: yes, you can. Flipping houses in Polk County can be a profitable venture, you just need to keep a few things in mind before you start swinging that hammer.
Find a Good Realtor
Before you start searching for the perfect house flip project, make sure you get in touch with a great realtor. You’ll need them more than you think. Yes, you have to pay them a commission. But they’re well worth the money when it comes to legal considerations and closing those tough deals. Bite the bullet, find a good one, and consider them a partner in your ventures.
Assess Your Skill Set
You’re a jack of all trades. But when it comes to detailed (and dangerous) work like electrical, plumbing, and foundations, make sure you have the proper certifications and tools. If not, get a hand from a professional. Complete all of the work you’re able to on your own if that’s what you’re aiming for, but then hire out the tough stuff for the guys who’ll do it right the first time. This will save you time, money, and frustrations in the long haul.
Make a Budget
As with anything in life, proper planning is essential for house flipping. How much can you spend on the house? What kind of money can you commit to renovation expenses and contractors? And what are you hoping to make when it’s all said and done? Don’t forget about your time and labor. Don’t bite off more than you can chew or you’ll regret it and your venture will no longer be a profitable one.
Always Assume the Unexpected
When you’re flipping houses, especially older houses, you will more than likely run into something unexpected. You’ll dig into a wall to find an insulation value of zero (not great for efficiency). Or your electrical will be a complete hazard, not to code, and everything will have to be ripped out and rerun. You might discover foundation issues or plumbing problems…none of these are inexpensive fixes. Be prepared for things to go wrong and you’ll be ready for anything.
Keep these tips in mind before you dive into your house flip and you’ll be better equipped to come out on top. Most of all, enjoy the process! Bringing new beauty to old spaces should be fun and you’re in control of making that happen.
This house pictured below is for Sale in Amery WI currently for $65,000. Click here for more details