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There is a lot of hard work and perhaps some nervous moments before you get can land a healthy profit, and of course a flip can quite easily become a flop, so the lure of ‘easy money’ should not be your sole motivation. In that respect, flipping is very enticing and indeed can be hugely lucrative, as opposed to being a buy-to-let landlord where income is more moderate but regular. Quite simply, the motivation is usually to make money quickly. What motivates people to flip a property? Project management – quite apart from working out the various costs, you might need to employ contractors and personally manage the property refurbishments, taking into account time limits, costs and standards of work.Negotiation – can you negotiate a workable buying or selling price to make the project profitable? This might involve a slightly different skill of buying a property at an auction, which is a popular way for cheaper properties to be purchased.Nerve – can you stick to the plan even if costs are mounting or you are struggling to sell the property?.Numbers – can you juggle the numbers to make an accurate projection of a property’s potential value and whether that can be realised cost-effectively, bearing in mind the buying price and the various ongoing costs?.Vision – to be able to identify a property that has the potential to realise value very quickly.You might think you are sufficiently savvy to navigate the property market, but flipping houses is a whole new ball game and requires very different skills.
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The skills required to become a successful property flipper But when we talk about flipping a property, we are generally looking at how the property can be physically improved to add value, through structural, integral and cosmetic refurbishment. If a legal issue is preventing a sale, for example, then that can be resolved and the house will sell quickly. There are a number of reasons why a property might be on the market at a low price, but even if those reasons are resolved, you need to assess whether that will necessarily add value to the property. This does happen, and you can make long term profit this way, especially if you are smart and invest in a property in a good location, but that is not flipping. So we are not talking about making a profit from capital growth and the idea of the market or a location changing over time. No time limit puts a constraint on what can be called ‘flipping’, but naturally, the concept of flipping is based around the idea that the buying and selling is done quickly and therefore you make money quickly and move onto the next project. And not only that, those properties that do exist are much sought after. So far this might sound very attractive, but the reason not everyone is flipping houses left, right and centre, is that there is a very limited market of houses that have the potential to realise profit very quickly. Flipping is effectively the concept of buying property low and selling it high.
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In many respects we all try and do that as we progress through life, even if it is largely passively.
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If you are planning on flipping a property, however, you are very much on your own, and while that is an attraction to many people, there is no hiding from the fact that it exacerbates the risk involved.įlipping is far more than simply buying and selling houses for profit. Investing in UOWN reduces the skillset required considerably, as a crowdfunding project is managed by us and your risk and involvement is minimal. Investing in property requires a range of skills, and this is particularly the case with flipping a property.