As many real estate investors have discovered, flipping a property isn’t an exact science. There is no set formula for fixing and flipping success. Sometimes it may even seem like luck is the biggest factor when it comes to making a profit, but this isn’t the case. While there is no one way to be a successful flipper there are a few common mistakes that you can easily avoid.

1)      Over-remodeling for the area. This is the most common mistake by far. You may have an awesome vision of granite counter tops and slate flooring, but if your property becomes the priciest one in the neighborhood by several thousand dollars you’ll lose money.

2)      Forgetting to factor in holding time. Speed is the name of the game in flipping real estate. It is just as important as keeping costs down. Do not dilly dally! Every day of hold time is money out of your pocket. Stick to a time budget as well as a financial one.

3)      Thinking mostly about yourself. In most businesses the customer is always right. In the real estate business the buyer is always right. When remodeling you need to keep the buyer in mind. You aren’t selling the house to yourself. You might have the most popular color of paint but you should use it anyway because this property isn’t about you. It’s about the buyer.

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