Is Flipping Homes a Viable Career Option? Dakota Worrell Advises
Flipping properties or the process of buying, renovating and selling properties is a career aspiration of many people. It is inherently exciting and offers extremely high rewards for those who can successfully pull it off. However, many people who attempt flipping homes fail and that is because the process is challenging and requires a great deal of skill. One of the most important skills to master is knowing which property to buy and when.
Dakota Worrell is a seasoned property investor from Pocatello who was a millionaire by the time he was 21. He understands when and where to buy property and just as importantly, when to sell it. He has been in the property investment business for over 8 years and is constantly on the hunt for great investments. He provides a shining example of someone who turned property flipping into a career.
How to Flip Homes
Flipping property can be hugely rewarding both personally and financially. However, this is no small feat and turning it into a career is not easy either. This can be a completely viable career for the right person who possesses the correct skills and dedication. There are several factors which affect how successful an individual will be when flipping homes. These factors vary in significance but they are all essential to make a success out of flipping property.
Staying on Budget
Setting a budget and keeping to it is one of the most fundamental steps in the process of property reselling. This is how an individual ensures that they can actually generate more capital than they spent. It is also very important because planning of all kinds will improve an individual’s success in the home flipping environment. Budgeting is just one of the key planning considerations that property flippers need to make on a constant basis.
Choosing the Right Location
Location is paramount in property investing as this drastically influences the price of any property. A typical rule of thumb for property flipping is to purchase the worst property in the best area and this is the best way to turn a profit. Speaking to an estate agent and doing research on property prices in different areas is a great way to get a better understanding of where to buy a property. The location will also influence how easily the property will be sold which is ideal for property flipping. Good areas where property prices are steadily increasing make excellent locations for purchasing investment property.
Create a Great Team
It takes a village to invest in property and make a success of the venture. It is very important that anyone interested in property flipping surrounds themselves with the people they will need to succeed. This can range from estate agents to contractors to family members. Everyone who can help should help so that the process can be as simple and efficient as possible. The slower the process goes the more the expenses compound so a great team can be hugely beneficial in this regard.
Consult Professionals
Hiring and consulting professionals may seem like an unnecessary expense but it can and often does save the property investor money. Professionals like accountants, builders and real estate agents can smooth over the entire process and make it simpler and more cost effective for the individual who is flipping the property. Knowing the limits of one’s own expertise is vital to making a success of the property flipping process. Professional help can save money, time and most significantly hassle. This way a property investor can spend more time focusing on their investment and less time dealing with administrative roadblocks.
Final Thoughts
Flipping homes is a viable career option however it takes hard work, persistence and a strong knowledge of the real estate market. Dakota Worrell has all three of these factors and has made a tremendous success of his career in property investment. He understands the fundamentals of the business and knows how to be patient and efficient in the entire process. Mastering these key skills, as well as many others, will ensure that any individual with the means can make a career for themselves in the property investment market.
