| If the number one principle of house flipping is "You | | | | repair with an eye more towards the cosmetic fixes |
| make your money when you buy the property" | | | | like paint and landscape that will give more curb |
| number two should be "Know your exit strategy | | | | appeal to the buyer. |
| when you buy". | | | | Obviously in both cases you should bring everything |
| You should have a plan for how you are going to sell | | | | up to code and fix any structural issues. But if you |
| your house before you make your final decision to | | | | have done your homework, these shouldn't be a |
| purchase the property. This will also determine how | | | | problem with a quick flip where you have already |
| much or what you will do to the property in the long | | | | factored that into the profit potential. |
| run. | | | | One of the other choices to sell your property can |
| Knowing what you are going to be doing with the | | | | be the lease option. That will fall somewhere in |
| property, for example, selling for profit, renting, using | | | | between the "quick flip" and the "hold for two years |
| for yourself, will direct you as to how much you are | | | | strategy". You will want the home to be problem |
| going to fix and the amount you want to spend on it. | | | | free for rental years, at least, so you don't keep |
| Obviously if you are buying to live in yourself and sell | | | | getting call backs for repairs while the home is being |
| later, like in two years so you can take advantage of | | | | rented. You will repair with an eye towards longevity |
| tax benefits, you are going to want to make it | | | | while not overdoing it in the upgrade department. |
| comfortable for you and may spend a little more on | | | | All in all, the better you buy the property and the |
| the material choices. You may even put in new | | | | more you know about your exit strategy, the more |
| kitchen and bath fixtures and cabinets. | | | | profit you will make on your investment. |
| Conversely if you are going for the quick flip, you will | | | | |