Steps To Consider
Every house flip will have a different plan to follow. The steps are intended to get you from closing to closing. There are as many steps missing from this list as there are steps included. Perhaps more. Space has been allowed for them. Major steps are provided as a way to begin planning the specific flip you have in mind. The best time to work through these steps is before you make an offer to purchase.
Play a little game. Read through each step. Determine if it is appropriate to your project. Add other steps as they occur to you. In the process you will discover a step you did not think about. No matter how many times you buy-sell there will be lessons to be learned. Hopefully each lesson will not be too costly. But in the budget there should be a cushion to cover lessons learned. The tuition in the real world is higher than any education institution, public or private. I figure the budget amount for mistakes is a justifiable part of each project. 15% seems standard. In the beginning, you may want to figure 50%. This knocks out many projects for the beginner.
The steps are presented with space in between so this page can be printed and used as a tentative checklist.
Steps To Follow
Prepared 2006-2011 David Ullian Larson