Due to the proliferation of fix and flip shows on TV, the fix and flip strategy is typically people’s first exposure to the world of real estate investing.
The fix and flip strategy consists of buying a property and renovating it with the hope to sell the renovated property at a profit.
In order to consistently win at the fix and flip strategy, you need to understand the whole process and diligently stick to a strategy.
I have flipped over 30 houses in the last 4 years. During this time I have executed on a wide variety of strategies, with most of the flips being extensive renovations.
The process of fixing and flipping is broken down into 3 high level parts. These are the purchase, renovation, and sale. Executing on each of these steps are important.
The first step when flipping a house is to find a property to flip. A distressed property, is a property that requires work to get it to the optimum sale state.