Winston Deloney, a Chicago-based real estate expert and entrepreneur, has paved his way to success from buying properties and flipping them as a form of investment. We talked to Deloney about how to do a successful house flip and what every property investor should avoid.
What is the most important thing to know before going into flipping a home?
I always say this to people who wants to go into house flipping: make sure you have a vision in mind. You can have all the resources in the world but without a clear and sustainable goal, you are setting yourself up for failure.
With a clear goal in mind, you’re able to make a game plan that can be adjusted for any obstacles you may face down the line.
Where is the best place to start when wanting to flip a house?
I recommend looking into the best way to finance a house flip. There are so many options, from taking out a loan to using a home equity line of credit, which is kind of like a credit card. Choosing the right payment plan for you is a key factor in getting the highest return of investment on your flipped property.
Can I be successful in flipping a house during a pandemic?
Believe it or not, now is a great time to buy an investment property. Mortgage rates are really low right now which means you can get a good deal on a piece of property. Take advantage of this, it could save you thousands of dollars in the long run.
One of the reasons why I stuck with real estate is because it can withstand even the most significant market changes.
When you’re complacent and making safe choices, you’re not going to experience very many challenges.
But if you want to grow, succeed, and excel, you’re absolutely going to encounter some challenges. https://t.co/sHQEe7o80V
— Winston Deloney (@DeloneyWinston) October 22, 2020
What is a common mistake you see in house-flipping?
A common mistake I see in house-flipping is that new property owners tend to over-renovate. I know this sounds like common sense, but it’s easy to get carried away in making renovations to suit your dream home rather than what the house (and your budget) can handle.
Should I take a lower offer than my asking price?
While it is never okay to undersell yourself or the hard work you put into your property, don’t be too afraid to negotiate with reason. If the house isn’t selling, the house is probably listed too high.
If people keep pointing out problems with the house, fix it. I believe it’s important to build a positive relationship with potential buyers – it makes for good connections and will save you money.
If you’re looking for more house flipping tips, you can connect with Winston Deloney on the following:
Bigger Pockets: https://www.biggerpockets.com/users/WinstonDeloney