If you want to flip a house in DFW – that’s Texas y’all – there are a few things you need to make sure you know. If you get it right, it could be BIG money. If you don’t, watch out – you could end up losing your shirt!
Here are 5 tips to flip a House in DFW:
- Start Local – One of the best places to invest is in your own backyard. You most likely know a lot about your neighborhood and what the prices of houses are going for. Even if you don’t know 100% the up-to-date prices, the research of your neighborhood will be faster and make more sense to you than trying to learn a whole new market that you are not familiar with.
- Know the Numbers – Price, price, price! This means price for what you can sell for! This means price of rehab! This means what’s a good price to buy at where you will make money! Know all your numbers and know them well!
- Understand the market and trends – Great news here!!! A lot of the hard work is done for you if you’re in DFW! The reason – jobs!!! Flipping a house in dfw works because of jobs and tons of people moving here for those jobs.
- Have a Game Plan – set up your flip in a step by step fashion. Try to make (or borrow) a system and keep that systematic approach. Get a good order and stick with it. So for example: 1. Have a Hard Money Lender ready for when you find the house, 2. Find the great deal, 3. Engage your Contractor to budget repairs and rehab, 4. Engage your Hard Money Lender so you can get the money to buy it, etc…
- Get to the Finish Line – work your plan and get ‘er done. Do the work and finish up, sell, and make your profit!
If you want to Flip a House in DFW – contact us to help you get started. And check back for more info on how to use Hard Money to invest in real estate in Texas.