Flip or Flop’s hosts “Tarek and Christina El Moussa” will help you enhance your financial literacy by showing you how to make money by flipping houses.
Flip or Flop is a TV series where Tarek and Christina buy houses, renovate and sell them at a profit. They started their business out of necessity when the housing market crashed.
Their success relies upon a formula which they follow religiously to boost their personal finance. It doesn’t matter the couple has filed for divorce as the formula to making money from flipping houses remains the same.
Buy Low
Buying houses at a discount to the market, usually from distressed sellers. The key here is to identify the houses which have the most potential to benefit from a renovation.
Renovate for the buyer
Christina uses her skills in design and style to undertake amazing renovations which appeal to as many buyers as possible.
Style It
Professionally styling the renovated houses to look as good as they can when they go to market. This helps achieve the best sale price possible as buyers are seeing the house at its’ best.
Price to sell
Setting a price which is in line with comparable houses in the area and not being afraid to reduce the price if the house doesn’t sell quickly. You don’t want your money tied up in a house which doesn’t sell. A quick sale is key, as Tarek would say “Time to look for another house to flip” as soon as the sold sign goes up.
Tips
This is all made a little easier as both Flip or Flops hosts are real estate agents. This provides Tarek and Christina with a distinct advantage in assessing which houses have the most profit potential when renovated. We should note the viewer doesn’t see any houses which don’t make the cut only the houses they end up buying.
HGTV’s Flip or Flop has also been filmed in a rising housing market making it easier to profit from flipping houses. Don’t assume every potential house flip will be profitable.
There are a plenty of tips to be learnt from Tarek and Christina El Moussa experience in flipping houses. So take some time to watch and learn how they do it and maybe you can turn a profit if you have a go.
Remember you make your money when you buy not when you sell.
Aren’t confident enough to undertake a full renovation then start your own small business . Check out the clip below and see how easy it is to build Fly Screens and make some extra money to start building your financial freedom. You don’t need many tools or even a shed, you can do this in the spare room.
