If you’ve watched our show Flip or Flop, you know that my husband and I are really love flipping houses. On each episode, you see how Tarek and I handle the unique challenges that come with each property. From houses with all the windows broken out to houses that smell so bad I can hardly stand to open the door and walk in, we see it all, and we show you a lot of what goes into it, too.
Just by watching a few episodes, you get a pretty good idea of what’s involved and how to get started flipping houses. But there’s a lot that goes on behind the scenes that you’ll never see on TV, and these behind-the-scenes flipping secrets matter more to your business than you might think. Let’s talk about a few things that we do for every flip that you won’t see on our show.
We Do a Lot of Footwork
First of all, we spend a lot of time driving around looking for houses that might be good investments. One of the biggest flipping secrets that you can’t show on TV (just because it takes so long!) is putting time and effort into finding deals.
From identifying and approaching potential private lenders or investment partners to finding the perfect flips to make the most money possible in any given market, we spend a lot of time driving through different neighborhoods, going to house flipping and real estate investment events, networking, and building relationships with others in the business. If we showed you all the time we spend running around on the lookout for deals on Flip or Flop, you’d never get to see any of the work that goes into our rehabs and what happens as we get going and eventually flip a house.
We do a LOT of Research
Once we’ve found a great property that we agree is going to be a good deal, we have to do a lot of research on it. This is absolutely essential when you first learn how to flip houses. What happens if there’s an undisclosed lien on a property? If you purchase the house without knowing this, you’re suddenly going to be responsible for a lot more debt than you bargained for. When flipping houses, be prepared to go hunting for all of the documents on the properties you’re interested in. This is one of the best flipping secrets we can teach you.
We Have a Lot of Support (And Training!)
Finally, when you watch Flip or Flop, you get a pretty good idea that we don’t do every rehab project ourselves. We have a great crew of contractors and home improvement specialists to call upon, thanks to our own professional experience in real estate and to our friends at HGTV. That said, over the years, Tarek and I didn’t go it alone. We’ve had plenty of real estate and house flipping mentors and real estate coaches along the way who’ve helped us become the experts on flipping houses that we are today.
From contractors to realtors and brokers, veteran flippers and investors, you can learn a lot from the people you work with. Having a well-established crew to support you throughout the entire process is absolutely one of the key flipping secrets that we live by every day, whether we’re looking for funding, hunting for property deals, rehabbing a home, putting it on the market, or anything else involved with flipping houses.
Keep these three behind-the-scenes flipping secrets in mind the next time you watch an episode of Flip or Flop, and you’ll have a good idea of how we do it and why we love it!