Essentials on Flipping houses

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There are several things that we look for in a flip.
There are really TWO kinds of flipping:

A wholesale flip and a retail flip

Wholesale FLIPS are when you just get an option to purchase then wholesale the an investor who will fix them up.Possibly thefastest and easiest way to make money.

With a wholesale FLIP, build a buyer's list before you ever start looking ( a good place to do that is at the foreclosure auctions because they are all buyers). The buyers will tell you where they want to buy - then you just go find the deals.

Some wholesale buyers are rehabbers.Wholesale them properties that require more work than I want to deal with. ( ie. fire damage ore excessive repairs)

Retail Flips are when you buy the house and rehab it to sell to a retail buyer. Pay attention to location, location, location. Especially now that sub-prime loans are gone, You need a buyer who can qualify for an FHa or conventional loan. You can only attract those kinds of buyers in nice neighborhoods.

1) Location, Location, Location or really cheap, really cheap or really cheap.
2) Cosmetic fixes not structural. This includes cabinets, counter tops, vanity in bathroom ect. and NEW APPLIANCES FOR THE KITCHEN. Not moving walls or fixing foundations.
3) Kitchen returns 150% for every dollar spent WISELY!
4) Bathrooms returns 125% for every dollar spent WISELY!
5) Carpet
6) Paint
7) Landscaping- this is a must and it's not expensive your potential buyer will either pass by the house or love it before they even walk in.
Things I think make the biggest change in value:

#1). Landscaping -- Many flippers overlook this, but in my opinion -- Nothing can improve the look and value of a house like quality landscaping.

#2). Getting rid of popcorn ceilings and replacing with knockdown texture

#3). Putting on a new roof, if needed. It's not that expensive if you have the right contractor and priced it into your purchase price.

#4). Installing Ceramic tile in the kitchen and all the bathrooms. Don't be cheap with flooring!

#5). Using an upgraded carpet. Again, don't be cheap with the flooring and buy the crap landlord grade carpets. Pay a little extra for a cut berber or thicker carpet! Also, always pay for the extra thick pad to put under it.