Flipping houses has gotten a lot more attention over the past few years as a way to break into real estate investing. If you do it right, the earning potential is significant. Do it wrong, however, and you’ll find yourself with a property that costs you way more money than it’s worth. Assuming the property you get your hands on is the right sort for flipping, there are still some boxes you’ll need to check before you get going.
Get Your Permits in Order
While some projects don’t generally require permits, there are plenty that do. The specifics will change from city to city, so the first thing you should do is look up your local city ordinances to see what projects require you to obtain a permit. Once you’ve determined what, if any permits you’re required to have, you’ll need to apply for them. Be prepared to have your plans inspected before getting started and to have inspections done throughout the process as well as after the project has been completed.
Put Safety First
Even the simplest home improvement projects come with their own risks, even if those risks are small things like accidentally smashing your finger with a hammer or dropping something on your foot. No matter what the project, it’s important to put safety first. That means making sure you have the right tools for the job, that they are in good condition, and that you have the appropriate protective equipment. Protective equipment is especially important when you’re dealing with electrical or fire hazards. Then again, depending on the project, sometimes the safest thing to do is to call in professional help.
Have a List of Professionals to Call When You Need Help
The DIY approach has the potential to save money, but some projects are best done professionally. Take a close look at your list of projects and determine what type and level of expertise are needed for each one. Make sure you’re thoroughly prepared by compiling a list of professionals that you can call when you need help. That will save you time and effort later when you’re already in the middle of a project.
It’s important to make sure you have all your ducks in a row as much as possible before you get started with flipping a house. Obtaining permits, prioritizing safety, and having a list of professionals on hand that you can call if you need to are just a few of the boxes you should check off. By making sure you have everything in order and you’ve organized yourself properly, you’ll give yourself a better foundation from which to do the actual work needed to successfully flip a house.
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