Anyone who watches HGTV is familiar with the house-flipping industry. There are a number of reality shows that have glamorized and popularized the industry – so much that people everywhere are now flipping houses of their own for a short-term real estate investing opportunity. When done right, you can make a lot of money.
Here are some of the benefits of flipping a home in Las Vegas:
- You can make thousands and even tens of thousands in profits
- You’ll learn a lot about fixing and repairing a home
- You can do some of the repairs yourself to save money
- You can flip houses part-time
- You get to be your own boss and make your own schedule
- You don’t need a lot of equipment or inventory
- No real estate license or degree needed
- You’re helping to restore your community
If you’re thinking about flipping a home, Las Vegas is a great place to start. It’s a city that helped popularize the flipping industry with Flip or Flop Las Vegas, Flipping the Strip, and Flipping Vegas – among other reality TV shows – and has plenty of inventory that hasn’t seen a good reno in decades.
How to Flip Houses in Las Vegas
While reality shows make property flipping look easy, it’s far from it. It requires a dedicated owner, a reliable team, experience, creativity, patience, and an understanding of the real estate industry. While you can certainly have other professionals handle a majority of the load, those professionals cost money.
The more you learn about flipping a house, the less you have to rely on others and the more money you can save. Especially in a housing market like Las Vegas, you’re going to want to move fast without sacrificing the quality of renovations and repairs. You’ll also have to learn how to avoid risk in a rather risky industry.
Don’t worry, we have some tips to help you flip a house in Las Vegas quickly, yet properly:
1. Find a Home With Good Bones
One of the worst aspects of flipping homes in Las Vegas, Nevada is finding out it needs major repairs or has hidden damage that raises the renovation costs. Finding a home with good bones and limited damage will allow you to speed up the renovation process and save money in the process – ultimately allowing for higher profits.
2. Only Buy in Good Locations
A good location can increase the market value of the home once renovated – more-so than a home in a poor location. If you’re trying to maximize your profit when flipping a home, which should be everyone’s primary goal, then finding a home in a good location will make your life much easier when it’s time to sell it.
3. Never Purchase Without a Home Inspection
A home inspection is vital to ensuring a home is in good condition before purchasing – and if it’s not in good condition, the inspection tells you what’s wrong with it and what needs to be done in order to bring it back up to speed. This allows you to prepare for those costs and expenses when renovating the home.
4. Utilize the 70% Rule
There’s a golden rule among house flippers that says you shouldn’t pay more than 70% of the ‘after repair value’ minus the renovation costs. If you plan on selling a home for $500,000 and you expect to pay $50,000 in renovations, you shouldn’t pay more than $300,000 for that home (70% of $500,000 minus $50,000).
5. Set Aside Funds for the Flip
Before you consider purchasing a home that you want to flip, it’s important that you set aside the funds needed to renovate and eventually flip it. The process will move along much faster if you have the funds in-hand or have a third-party investor willing to fund the flip because you won’t have to wait to renovate.
6. Set a Timeline for the Flip
In addition to having the funds ready, it’s important that owners set a timeline for how long they want to hold onto the home before selling it. Most Las Vegas house flippers are interested in selling the home as soon as possible to avoid holding onto the home for too long. The more you plan everything out, the easier it’ll be on you.
7. Don’t Cut Corners With Repairs
Some repairs are more important than others. When looking at the list of repairs needed (or suggested), focus on the big repairs first – they might cost more money, but they’re the ones that are going to scare away buyers if not taken care of. Once those are all done, knock off the minor repairs little by little.
8. Have a Professional Stage the Home
Staging a home might cost you several thousand dollars – especially when going through a professional – but it can make all the difference in helping you sell the home. The point is to make the home feel inviting, increase curb appeal, and incentivize people to make an offer – something they’ll do if you can ‘wow’ them with quality staging.
9. List the Home on the MLS
If you’re looking to increase exposure to your flip, then consider listing the home on the Multiple Listing Services (MLS). This allows you to team up with other brokers who can help produce a buyer. The broker is due some form of compensation for their help, but it’s worth it when you see how fast your flip can sell.
10. Promote and Market the Flip Online
In addition to listing the home on the MLS, a house flipper should consider promoting and marketing their hard work online – such as social media and real estate marketplaces. Take quality photos, provide a virtual tour of the home, and post the transformation on Instagram, Facebook, Twitter, TikTok, and more.
Are You Ready to Sell Your Flip?
Are you starting your own home flipping company in Las Vegas? Are you at the point where you need to sell your home fast while avoiding a real estate agent? Is your flipped home spending a little too long on the market? Are you worried that your home won’t sell once it hits the market? If you answer ‘yes’ to any of those questions, we’re here to help!
At Sell Your House Fast LV, we help home buyers sell their home with a fast and easy process that creates a win-win scenario for both the buyer and seller. You can receive your free, no-obligation, hassle-free cash offer by calling us at 702-556-4081, email us at [email protected], or fill out our contact form online.
