A comprehensive overview of the house-flipping process for those just starting out
House flipping can be an exciting and profitable way to get started in real estate. But like any investment, it comes with risks—and a learning curve. At Hoffer Group, we help new investors understand the ins and outs of flipping homes, so they can start strong and avoid costly mistakes.
If you’re thinking about flipping your first house, this guide will walk you through the basics and help you build a smart, simple strategy. Check out these house flipping tips!
What Is House Flipping?
House flipping is when you buy a property, fix it up, and sell it for a profit—usually within a short time. The goal is to add value through repairs or upgrades, then sell the home at a higher price than what you paid.
Flipping is different from renting out a property. You’re not holding onto it long-term. Instead, it’s about speed, smart planning, and sticking to your budget.
Step 1: Set a Budget and a Goal
Before you buy anything, decide how much you’re willing to invest. This includes:
- The purchase price of the home
- Renovation costs (labor, materials, permits)
- Holding costs (property taxes, utilities, insurance while you own it)
- Selling costs (real estate agent fees, closing costs)
Be realistic about what you can afford—and leave room for unexpected expenses.
Step 2: Find the Right Property
A successful flip starts with the right house in the right location. Here’s what to look for:
- Undervalued homes in good neighborhoods
- Fixer-uppers that need cosmetic updates, not major structural work
- Areas with high buyer demand and rising home values
Work with a real estate professional (like Hoffer Group) to find properties with strong potential and avoid common red flags.
Step 3: Plan Your Renovations
Once you’ve bought the property, make a renovation plan. Focus on updates that add the most value, such as:
- Kitchen and bathroom upgrades
- Fresh paint and flooring
- Improved curb appeal
- Fixing safety issues (roof, plumbing, electrical)
Don’t overdo it—this isn’t a dream home makeover. Your goal is to make the house look great for buyers without overspending.
Step 4: Stick to a Timeline
Time is money in house flipping. The longer you hold the property, the more you pay in taxes, utilities, and other costs. Create a clear timeline for your renovation and sale, and stay on track as much as possible.
Step 5: Sell Smart
Once the home is ready, work with a real estate agent to list and market it. Set a competitive price based on recent sales in the area. The faster you sell, the better your return on investment.
Bonus Tip: Build a Trusted Team
You don’t have to flip a house alone. Surround yourself with professionals you trust:
- A real estate agent or advisor
- A contractor or handyman
- A home inspector
- A lender (if you’re using financing)
At Hoffer Group, we connect new investors with trusted partners to make the process smoother from start to finish.
Final Thoughts
House flipping can be a great way to start your real estate journey—but only if you do your homework and plan carefully. With the right property, budget, and team, you can turn a fixer-upper into a smart investment.
Ready to start your first flip? Check our available properties here or contact Hoffer Group to get expert guidance every step of the way.
