How To Start A Property Flipping Business UK: House flips are one of the most lucrative ways to make money as an investor in property. In a recent video, I travelled to the South of Wales to visit one of my students that has done just this, and made a ridiculous amount of money in the process! Narelle found an old bungalow in an awful condition and, using a few clever tricks, turned it into a profitable investment. If you want to see exactly how Narelle did it, please watch the full video at the top of the page.
I get messages every single day from people wanting to get into the property market, buy old rundown houses, do them up, and then sell them for a big profit. It's a very lucrative business, but you need to know what you're doing. In this article, I will give you a 3-step guide on how to start a property flipping business (UK). This will give you a basic understanding of what is involved in flipping houses. If you find the information useful, please consider sharing it with your friends on social media. Let’s spread financial education together!
1. How To Start A Property Flipping Business UK: Formulas Over Feelings!
When Narelle viewed the property it was full of damp. Many people would be put off by this, but Narelle knew it was a problem that could be fixed. When you are looking for a property, it is important that you focus on formulas rather than feelings. You need to be able to estimate what things will cost and then have those estimates confirmed by experts. Don’t get put off by appearance alone.
Knowing what things are likely to cost and understanding what can be fixed will require experience and training. If you are just starting out, getting the right education is the first step you need to take.
2. How To Start A Property Flipping Business UK: Cut Costs, Without Sacrificing Quality!
Narelle made sure to keep costs low. She got the price of the kitchen reduced and save money by buying a used log burner from an online listing. This is very important when you are running a property flipping business. Overspending can be the difference between losses and profitability.
This is not about cutting quality, however. You can find high-end second hand furnishings at charity shops and on online listings sites. You can negotiate better prices on things you are going to buy. None of this requires lowering standards.
3. How To Start A Property Flipping Business UK: Build A Network And A Community!
Narelle found being part of the Inner Circle very helpful for her property flipping business. The Inner Circle is the local meetings of my Academy students where they network and share information. This allows them to do deals together and learn useful local information from each other such as the best builders, solicitors, and other service providers to use.
Going it alone will cost you time and money. Having a community to reach out to is essential, particularly when things go wrong. Your community could be with my company, or elsewhere, but make sure you have a good one!
How To Start A Property Flipping Business UK: Get Training!
Want to learn how to start a property flipping business (UK)? Well, you will need some training! Why not learn from a property expert? Join me at my next £1 training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
