How Much Time Will I Need to Dedicate to House Flipping in Order to Succeed? | Real Estate Elevated
Realistically, if you want to do right by a home, it’s going to take some time, but it’s all up to how much time and money you have and are willing to invest in the flip.
How Much Time Can You Devote?
The amount of time you have on your hands plays a huge part in how long it takes to flip a home. Do you currently have a full-time job? If so, it’s likely you don’t have 10+ hours a day to devote to a flip. In this case, unless you contract out the work, either you’ll end up doing fewer improvement on the home and getting a lower return on the property, or you can do the home right, and it’ll take much longer to flip.
Flip the Question
Since there is so much variation in how long a flip may take given your personal situation, let’s twist the question a bit and discuss on average the length of time it can take to flip a home. This way you can estimate how long it will take whether you’re working another job during the flip or devoting all of your time to updating the home.
As a new flipper, finishing a property will likely take you roughly 3 to 6 months. Here is an in-depth look at the house flipping time frame.
Buying the House (30–45 Days)
The first step in the process of flipping a home is finding the right one. Once the right home is found, you’ll need to acquire the necessary funding, get the property inspected, and obtain the proper building permits. Oftentimes, buying the home is the hardest step in this process, so if you find it to be discouraging, just keep reminding yourself that the fun part is yet to come.
Renovating the House (1–3 Months)
While it’s satisfying and rewarding to watch renovations happen and the home come together as you’d envisioned, there are often unexpected problems that arise during renovation. Make sure you have a strong team behind you, complete with an excellent contractor, since that contractor will play a key role in making sure you have the right help, tools, and materials to complete your remodel, and correct problems as they arise.
It’s a good idea to overestimate how long renovations will take you; that way, when things come up, you won’t have to stress that you’re falling too far behind schedule. Some of the most common repairs that pop up when you least expect them are those involving plumbing, electrical, structural damage, and roofing problems, so plan accordingly and be prepared.
Selling the House (1–3+ Months)
Once renovations have been completed, it’s time to watch your hard work pay off. It’s a good idea to get a real estate agent to take over this portion of the process — an experienced agent will help you decide on the list price and find potential buyers. Unfortunately, selling a flip can be quite unpredictable depending on the market, meaning your house can sell within days, or possibly several months.
How to Speed Up the Process
Here are a few tips to help you move the process along:
- Meet with your contractor prior to closing on the home and get repair work scheduled so renovations can begin as soon as you close on the house.
- Have your real estate agent determine a list price for your home when repairs and renovations are almost completed so the home can be listed as soon as they’re finished.
- Make sure the list price of the home is accurate and realistic.
- Lower the price if you don’t have any offers within the first month to help the house sell faster.
Get Flipping
While flipping a home takes time and hard work, it’s all worth it in the end. Plus, if this is your first home, you’ll be more familiar with the process in the future, making your next flip that much easier.
Get out there, start flipping homes, and carve out your own Real Estate Elevated.
