Shows like Flip This House and Flip Men have done a lot of good for the house flipping industry. They’ve introduced a new generation of investors to the fun, excitement, and often lucrative nature of house flipping. But if you’ve watched one of these shows and then thought that you knew what it takes to flip a house, think again. Remember that shows like Flip This House are designed to be entertaining, not informative. There is a lot of behind-the-scenes business that doesn’t make it onto the show. Here are just a few ways that house flipping shows provide an incomplete picture of what it’s really like to be a house flipper:
1. Everything seems like a breeze.
Sure, every once in a while they throw in a fight or a mismanaged project to add some drama to the mix, but for the most part, house flipping shows depict experienced flippers working with contractors that they know well and trust. Things tend to go very smoothly on TV, and even when there are hiccups, everything is usually resolved by the end of the episode. This simply isn’t the case when you’re actually flipping a house. Things will go wrong and you will have difficulty staying on budget and on schedule, particularly if you’re working on your first flip. Plan ahead and be ready for things to get messy, or else expect to find yourself stuck in the mud.
2. Time flies when you’re having fun.
Because they need to fit into a 30 minute time slot, a lot of the actual work of flipping a house gets cut out on television. The shows don’t provide you with a good sense of how long it takes to find an appropriate home to buy, actually secure the home, plan and implement renovations, and then resell. In the world of television, it seems like everything from buying to selling takes place over the course of a few days, but in actuality you should be prepared to invest months or even a year in each house flipping project. Prepare for this reality by carefully scheduling out your house flipping process and finding ways to be flexible when and where you can.
3. Funding doesn’t merit a mention.
In most fix and flip television shows, the shows don’t even mention how the flippers acquire the homes in the first place. Many property investors turn to private money loans in order to reduce the financial burden of house flipping without relying on high-interest bank loans. When flipping a house, a private money lender is an important partner to have on your side to help ensure that your investment is funded and can move forward according to schedule.
Learn more about the reality of house flipping by contacting ZINC Financial today. We can help prepare you for your future as a property investor by providing you with the knowledge and resources that you will need to succeed.