How to Get Rich with Real Estate: Make Money Flipping Houses

Hopeful House Flipping

People are always looking for ways to get rich in real estate. And one of the best ways to do so is through home flipping. Though it isn’t a get-rich-quick-scheme, if done correctly, it can help you grow your wealth substantially over time. In this article, we’ll cover the basics of how to make money flipping houses.

Purchase an Investment Property

The first step in flipping a house is purchasing a property. Try to look for foreclosures or fixer-uppers. You could also try your luck at local auctions.

Try to see past the “yuck” and determine if the house has “good bones.” If the home needs major repairs in the foundation, the HVAC system, or the roof, it’s probably wise to pass on the property.

When purchasing an investment property, be prepared to put 20-25% down and be sure to get a full home inspection.

Make Smart Updates to the Home

Now that you’ve purchased the home, it’s time to fix it up. Discernment is key during this step.

Focus on up-and-coming trends with furnishings, hardware, and paint colors. Splurge on a few higher-end finishes if it fits in the budget and is appropriate for the location. Small updates can go a long way! 

Time to Sell

The overarching goal of house flipping is to sell the property for more than the purchase price plus repairs. That’s the only way you’ll walk away with a profit.

Once the house is officially on the market, have an open house and listen to feedback from potential buyers. What are their comments? Is the home priced appropriately for the location and updates? Take any feedback and process what is being said. 

So, there you have it - how to flip a house for cash. It will include purchasing a property, updating the home, and selling the home (hopefully sooner than later!). There’s a lot more you need to know, and we’ll cover more about that in future articles, but these are the basics. In addition to the tips above, be sure to get to know the real estate market very well. It’ll drastically increase your success. Do your homework and enjoy the ride! 

From the author:

There's so much more home flipping fun ahead, so don't hesitate to explore our other blogs for more wisdom and inspiration. To stay in the loop, sign up for our newsletter. Happy flipping and till next time, keep dreaming, planning, and transforming!

-Christian, Wrecked and Refined