When completed successfully, flipping houses is a great way to make a profit. However, nothing is without its risks, and house-flipping is no exception. If you’re looking for tips and tricks of the trade to help you get a leg up on the competition, Rehabs 2 Riches is the place to look. Alton Jones, the founder on Rehabs 2 Riches, is an expert on flipping houses and he is offering seminars for anyone who is looking for more information on the do’s and don’ts of house-flipping. These helpful house-flipping tips are available for both beginners and experts. Check out our website to learn more and see if Alton Jones will be in a city near you!
In a previous blog, we talked about some of the many benefits of flipping houses, but when you’re looking to start a new business, it’s important to look at the benefits and the risks. Today, we will take a look some of the aspects that make house-flipping a risky business. Continue reading below to lean more.
The Potential to Lose Money
In our previous blog, we mentioned that one of the benefits of starting a house-flipping business is that you have the potential to make a large profit. However, the opposite is also true. Most people who make a living by flipping houses will find their new projects through auctions or foreclosures. While this may be a great way to save money, it could also end up costing you money as well. By purchasing a foreclosure or purchasing a home from an auction, you may not be able to do a thorough inspection of the house before you buy it. In some cases, things might work out in your favor, but more often than not, you may end up buying a house that could cost you thousands in necessary repairs.
Fluctuations in the real estate market may also be cause for concern. If you put your house up for sale and it doesn’t sell right away, you are still responsible for paying the mortgage — also known as holding costs. The longer it sits on the market, the more money you lose.
Stress is a huge factor for those who are considering starting a house-flipping business. In order to complete a project successfully, you have to jump through a lot of hoops. One of the main causes of stress is the fact that you have to rely on many other people to get the job done. You have to rely on the contractors to stick to the schedule, you have to rely on the real estate agent to help you find buyers — the list goes on and on.
Depending on others to complete the project isn’t the only reason to feel stressed. Finding the right property, trying to meet deadlines, and unexpected costs are just a few of the common stressors associated with flipping houses.
Rehabs 2 Riches
If you want real-life examples of the successes and failures of flipping houses, check out Rehabs 2 Riches house-flipping seminar. Our founder and house-flipping expert, Alton Jones, leads the seminar and provides important information and valuable lessons on how to flip houses. It’s a seminar you can’t miss! Check out our website to see if Rehabs 2 Riches is coming to a city near you, or shop our store and pick up a copy of Alton Jones’ audio and home study courses. We hope to see you at our next stop!