Familiarize yourself with your local real estate market and understand the current market conditions. It may not be a good idea to flip a house in a market where no one is buying.
Understand the risks of flipping a house
You could end up paying two mortgages for an extended period of time or you may have to sell the house for less than you bought it for. House flipping can be a major financial risk.
Don't know anything about real estate or renovating houses?
Find a mentor. Don't go into a project blind. Find someone experienced who can advise you every step of the way.
Research homes and foreclosures with potential
You want to purchase a home that can be renovated in the least amount of time and still be heavily impacted by fewer resources and renovations.
Know your limit
How much can you buy a house for and still make a profit? Don't forget about the taxes, interest, cost of repairs and any other costs you may incur during the process.
Once you've bought your home...
Make sure you've had inspections done and have got the correct permits!
Begin with the most important renovations
This way, in case you come across any obstacles in the process, you won't have to worry about the things that could make or break your house flip.
Sell, Sell, Sell!
Stage your home, show off your property to potential buyers and watch the offers come rolling in!