This is a question that I could answer in one of two ways. Basically, when you’re flipping a house you can contribute as much or as little time as you’d like, but if you truly want to be successful you’re going to need to put in more than just a couple of hours a day.
For example, if you are working a 9-to-5 job, then chances are you don’t have 10+ hours a day for house flipping. If you’re in this boat, you’re naturally going to take longer to flip a house (unless you contract out some of the work of course) than if house flipping was your full-time job. While you can certainly flip houses with a full-time job, it’s going to take longer for you to truly be successful at it.
So, I’d like to twist this question a bit and answer how long on average it takes to flip a house instead, to give you a better idea on the time you need.
From the time you buy the house, complete the renovations and then sell it, you’re looking at around 3-6 months. These numbers can certainly vary, but I feel like that’s a pretty good estimate for starters. Here’s a more in-depth look into the house flipping time frame.
STEP ONE: BUYING THE HOUSE (30-45 DAYS)
The first step to flipping a house is obviously finding the right house to flip. Depending on your area’s housing market, this can be a fairly quick process or it can take some time. This first step also includes acquiring the necessary funding and building permits as well as getting the property inspected. Buying the house is often one of the hardest steps, so once you complete this initial step you’ll be well on your way to flipping success!
STEP TWO: RENOVATION WORK (1-3 MONTHS)
Before you start any renovation work, you’ll want to get your team together. If you’ve already flipped a couple of houses, than this is nothing new. I certainly recommend having a good contractor on-hand who will provide you with all of the necessary help, tools and materials you’ll need for a successful remodel.
Renovation work always seems to take longer than expected, as unforeseen repairs tend to pop-up. Make sure you give yourself and your team plenty of time to finish the repair and remodel work. The most common repairs that catch house flippers by surprise include structural damage, plumbing, electrical and roofing problems.
STEP THREE: SELLING THE HOUSE (1-3+ MONTHS)
Once your flip is renovated, you can move onto the step where you can see your hard work pay off. If you have a real estate agent (which I highly recommend), then they are able to take it from here. Your agent will help you decide the listing price for the home and will help you find potential buyers. This process can take a matter of days or several months, depending on the market. But once you are able to find a buyer and after closing on the house, your work is finally finished!
HOW CAN YOU COMPLETE A FLIP IN LESS TIME?
While 3-6 months is the average time to flip a house, this time can be shortened if you take these steps.
• Meet with your contractor right before you close on the house. Have them start scheduling out repair work upon closing on the house.
• Once the repairs on the house are almost completed, have your real estate agent determine a listing price so that the home will be ready to list as soon as the work is finished.
• List the home for an accurate selling price from the beginning. This way you won’t be waiting for months to sell the home because the price is too high.
• If you don’t get any fair offers in the first month, lower the price. Even if you aren’t able to make as much money as you had hoped, you at least don’t have to hold onto the house forever.
Fixing and flipping a home takes a lot of time and hard work, but once you complete your first flip the process gets that much easier. Our Real Estate Elevated workshops will teach you everything you need to know to successfully flip a house!
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