How Long Does it Take to Flip a House?
One of the biggest mistakes people make when flipping houses is how long they think it will take. Television makes it seem like you can flip a house in a few months or maybe even a few weeks. The process takes time, and every day you own a house it costs you money. If you miscalculated how long a flip will take, you could make a lot less than you think.
What is involved in a flip?
Here are the basics of what it takes to flip a house:
-Find a house to flip. https://investfourmore.com/2017/10/09/how-to-find-a-great-deal-on-an-investment-property/
-Find the money to buy the house. https://investfourmore.com/2015/06/12/should-you-use-cash-or-financing-when-flipping-houses/
-Find contractors to fix the house. https://investfourmore.com/2014/03/10/find-great-contractor-fix-home/
-List the house with an agent.
-Wait for the house to sell. https://investfourmore.com/2013/10/07/how-to-sell-a-house-for-the-most-money/
How long does it take to complete a flip?
I have had up to 22 flips going at once in the last year. It takes me some time to complete a flip because I have to wait for contractors to free up. I will base my timeline on a beat case scenario first assuming you have just one flip.
- Assuming you have a contractor ready work on day 1, it can take 1 to 3 months for a contractor to repair the average flip. For big jobs it can take even longer.
- Once the work is done you have to make sure the work was done right. You need to mark everything that needs fixed and get the contractor back to touch up. Then you need to clean the home, and get it listed. This can take a few days or weeks.
- You have to wait for the home to sell. If you price the home right it can take a few weeks to get a contract. After you accept a contract it can take 45 days for the house to sell.
It usually takes at least three months to flip a house that needs minor work if everything goes right. If there are any hiccups, it can take much longer.
-If a contract falls apart when trying to sell it can add a month or two.
-If you have to wait for your contractors to start it can add weeks.
-If you run into extra repairs needed it can add weeks.
I assume it will take me six months to flip most houses. If houses need a lot of work I assume it will take longer. You need to assume the worst, because every day you own a flip it costs money. There are financing costs, carrying costs, and more every day.
https://investfourmore.com/2014/12/05/flipping-houses-ultimate-guide/
good realistic article. It amazes me how many people around here want to save money by doing it themselves and then buyers walk away because it is shoddy work. I have seen some unusual "Owner Fixes" Typically, being square isn't a requirement to them.
I did that myself once and it was the biggest mistake I ever made!
Good info. I guess I would have to assume my first flip would take a year maybe even 2. lol
I still think you should do a full flip video on Youtube. Maybe a full 30 minute or even hour long program of one flip. Also could you do an extreme flip like a castle if you put like 10 or 20 million into it? I'm just curious. I guess this castle had to be demolished. :(
https://en.wikipedia.org/wiki/Ch%C3%A2teau_Miranda
Is this a good deal?
https://www.realtor.com/realestateandhomes-detail/116-Storey-St_Roggen_CO_80652_M11046-02508
#hireme lol
Haha, Roggen is a bit far from me and a tiny little town with not much going for it. It may be a good deal for someone, but it would be really hard to sell because the town is so small. A couple people have sent me that house
I am working on improving Youtube. It took off lately and I need to take advantage of that.
That would be really risky to do a flip for that much.
Percentage wise, how much do you calculate that the repairs of a house can cost? What about the average hourly rate of a contractor where you come from? I'm just generally interested.
I've never heard of anyone really flipping houses in Finland, probably due to the costs associated if you don't do the work yourself. Some people buy houses that need to be renovated, but then they usually put it on rent, because of the taxation involved.
It really is not a percentage, but I guess you could estimate 15 to 20 percent of the cost of the house. Contractors vary greatly from $20 an hour to $100. We have to use cheaper ones to make money.
Right so it isn't that much different then. Just in Euros here. And the relative cost is actually much less due to the housing prices.
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