House flipping has garnered plenty of attention thanks to mainstream television shows like Flip or Flop, First Time Flippers, Masters of Flip, Flip this House and others. But it’s not as easy as it looks on tv. Atlas associate broker, Mike Hills, recently spoke to Fit Small Business about how to maximize your profit when flipping a house.
Hills says, “Another component to successful flipping is knowing who your end user is, or who is going to buy this property from you. Along with this knowledge comes knowing their ideal price point and what they expect to pay. Are they on the lower end price point of buyers in the area or the higher end? You can tailor renovations and improvements to this price point and should only spend money in the effort of creating a product that you know someone in that market would buy.”