4 Flipping Houses Mistakes Investors Make in Dallas Fort Worth

Are you thinking about jumping into investing in real estate and flipping houses?  If so, then make sure you read this entire blog post and learn the most expensive blunders that house flippers tend to make… here are 4 flipping houses mistakes investors make in Dallas Fort Worth

Flipping real estate can be highly lucrative… if you do it right.  However, if you don’t do it right then it could end costing you a lot of money, time, and frustration.  We’ve got you covered!  We’re sharing 4 mistakes investors make when flipping houses in Dallas Fort Worth so you can avoid these blunders and improve the return on your investment.

House Flipping Mistake #1

Mistakes Investors Make When House FlippingIf there’s one thing that every flipper learns pretty quickly it’s that you can never prepare for everything 100%.  Brand new flippers often forget to “expect the unexpected.”  For example, you can look at a property, assume it looks great, and then discover that there are termites.  Or you might tear up a carpet and find mold.  While troublesome, these problems aren’t the end of the world but for investors who aren’t prepared for them, they can be a costly shock.  So avoid this mistake by anticipating additional problems into your project plan, timeline, and budget.

House Flipping Mistake #2

Another mistake flippers make is to hire the cheapest labor possible.  Rather than hire qualified professionals, flippers try to pad their profits by hiring any warm body.  The problem is: cheap labor can actually be more expensive because they take longer and their work is not always up to the right standards (so it may need to be redone).  Avoid this problem by hiring experienced tradespeople.  You may spend more up-front but the work will be done right — quickly and the first time.

House Flipping Mistake #3

This is the problem that flippers are simply not even aware that it happens, but it does happen!  It’s easy to become emotionally involved in the flip to the point where you forget that you are investing in a property for someone… and often what happens is, the flipper starts making renovation and decoration choices that THEY prefer (versus decisions that are cost-effective and will help to sell the properly quickly).  To avoid this mistake, set a firm renovation and decoration budget and continually remind yourself that your goal is to create a house that can be sold at maximum profit.

House Flipping Mistake #4

Newbie flippers acquire a house and do all the heavy lifting to fix up the property, and then they make the mistake of assuming that the sale of the property will be easy.  In some markets it might be easy but in other markets that’s not the case!  Avoid underestimating the effort required to sell and instead, prepare yourself for investing some additional effort in finding buyers.

Summary

Flipping houses can be fun and profitable… or it can be frustrating and problematic.  But you can make sure it’s fun and profitable by avoiding these 4 mistakes investors make when flipping houses in Dallas Fort Worth.

If you’re ready to get started with flipping houses and you want to check out what properties we have that might be perfect flips for you, click here now to enter your information or give us a call at (817) 550-5069 Ext# 3000.

TMC Property Solutions is an accredited business and A+ rated members of the Fort Worth BBB and has been helping families and teaching/mentoring investors since 2000.

Are you located in North Texas?  Come join our West DFW REI Group by clicking here.

masterrei

About masterrei

TMC Property Solutions is a Veteran owned and operated small business and is your premier house buyer in the Dallas Fort Worth metroplex based in Weatherford, Texas. Tim has been helping families with their housing situations since 2000 buying houses fast in Fort Worth and the surrounding areas, locating and offering Investor deals at deeply discounted prices. Tim Cook is a dedicated real estate professional, REI mentor, and entrepreneur with extensive training and experience in buying houses fast in difficult situations and helping hundreds of families with their housing needs all across the north Texas, Dallas, Fort Worth, Weatherford, and surrounding areas and is an expert in creative problem solving for home owners needing an out-of-the-box solution that works for today's difficult real estate market and teaching other investors to do the same. Tim is also the founder of the West DFW REI Group and would like to invite all Texas investors to join him at www.Meetup.com/West-DFW-REI-Group. Contact us for a free no-obligation consultation and let us know how we can help you or visit us online at www.IBuyNorthTexasHomes.com. Investors please visit www.AllWholesaleProperties.com and take advantage of all the free Investor Resources. To Your Success! Tim Cook, President

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