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Mistakes When Flipping Houses

Hampton Luzak

A graduate of Hollins University, Hampton Luzak has worked professionally as a creative expert across the media, fashion, and advertising industries. An interior designer, Hampton Luzak currently restores historic homes and flips houses.

A real estate investment strategy, flipping houses involves purchasing properties and reselling them for a profit over a short time frame. Investors can make a profit with this strategy through appreciation over the course of a few months or by renovating the home and relisting it for sale once work is complete.
However, interested investors must be willing to face the risk of a housing market turning down. Several mistakes can exacerbate this risk, including not having enough money and relying too heavily on financing.
Time constraints can be another issue, as flipping a home involves a variety of work that ranges from repairs and renovations to scheduling inspections and marketing the property. Investors should also be sure to have a good network of skilled professionals in place, or be willing to do the repair work themselves. Lastly, not having enough patience can cause investors to rush into a deal and make mistakes.

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