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Determining Whether You Have What It Takes to Flip
Although anyone can profit from flipping houses, it’s not quite as easy as it looks on HGTV. Buying a house that’s brimming with profit potential for far less than you know you can sell it for is a huge challenge in itself, but after you take possession of the property, the real fun begins. The contractor disappears after collecting your deposit. The landscapers hack through a buried cable. You find out that the septic system needs to be replaced. And the neighborhood association rejects every single one of your planned improvements.
Carve out extra time and motivate yourself: Flipping houses requires considerable time and energy for house shopping, lining up financing, scheduling and overseeing repairs and renovations, and more. If you already feel overwhelmed and overworked, maybe this flipping thing isn’t for you.
Focus in the midst of chaos: Distractions can quickly derail a flip, so you’d better be able to focus in the midst of chaos, especially if you have a full-time job, a spouse, children, or other interests. Without focus, you won’t have the attention to detail required for success.