First Step in House Flipping

Your first task, in house flipping is to start exploring your market. This helps you know a deal when you spot it. Look at houses for sale in your area. Keep
track of sales and how long the houses take to sell. Ask the
selling real estate agent about the terms of these sales
because this helps you understand how sellers market their
property (some of this information is public record). For
instance, if a seller paid closing costs for the buyer, did
the price rise from the listed price accordingly? Or, did the
seller come down on the price and also pay the buyer's costs?
Examine the sales that sell quickly. What home features and
financing options prompted the fast sale?

Also, look at model homes. Buyers often buy resale homes for house
flipping because they can't wait for a new home to be finished. But
these buyers like the special features new homes offer. Visit
model homes and take notes on how details like a water
fountain or a new state-of-the-art appliance makes a house
sell itself. When you remodel your fixer, you'll know what
turns buyers on and you'll make smart makeover choices.