Do's and Don'ts of House Flipping

I have a new addiction!! I have been addicted lately to the real estate shows such as "Flip this House, Flip that House, Sell this House, Design to Sell. ABC recently ran a short segment on house flipping.

Of course with all of these shows making it look so easy, many people want to it into it.

Do's

Know the area The best house is probably in the area where you are living.

Budget for surprises I have seen this happen on most of the "flip this house" as sometimes these inside of houses can be scary. Terminates in the basement, people still living there are recent episodes on A&E Flip this House. Both of them caused the budget to go up!

Don't

Don't over-renovate Keep it simple. Putting in too much money on a dump or a house in an "undesirable neighborhood" is like throwing money down the drain.

Don't look at it as a hobby It is a business!

My future brother in law has done some flipping but he is in the construction business.

Source www.abcnews.com