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3 Mistakes to Avoid When Flipping a House
Andi • May 8, 2024
April 20, 2022
Don’t cut corners when selecting, updating properties.
As appreciation begins to slow and interest rates rise, making money from a fixer-upper becomes less of a guaranteed win. A key to success is doing homework about what’s a good contender to be transformed and how to avoid the biggest mistakes. Josh Miller gave up a corporate job to found GoForClose in 2019, an all-inclusive marketing agency for real estate investors and wholesalers. He cites three mistakes your investor clients should avoid:
- Choosing the wrong right location. A property is worth as much as its location, Miller says. Look for desirable amenities like shopping, entertainment outlets, and recreation—and watch out for what Miller calls “irritants,” such as busy streets and other sources of noise. “To put it simply,” Miller says, “your best deals are those properties that are neglected and need a little TLC but are in a great neighborhood.”
- Choosing a contractor based on price rather than quality and speed. Investors sometimes try to save a buck, says Miller, so they hire a contractor who promises to make repairs and improvements for an affordable price or at a discount. “As the saying goes: You get what you pay for, and cheap labor yields cheap results,” he says. Find someone who offers both quality and speed—so work gets done fast and is worth the expense.
- Not crunching the numbers. Miller’s adage is that you make money when you buy, not when you sell. “Before you purchase any property,” he says, “crunch the numbers to determine if it will give you a good return on investment. Add the purchase price to the fix-and-flip expenses, include closing and carrying costs and contractor and real estate commissions, if applicable. Calculate the maximum allowable offer, and if the numbers make sense, make an offer.
© GoForClose
Lessons from the Past: Why Waiting for Lower Mortgage Rates Might Not Pay Off
New funding is coming to support affordable housing for senior citizens in Bellingham. The Washington State Department of Commerce announced nearly $95 million in awards for 27 housing projects around Washington on Thursday, Jan. 16. The Opportunity Council received $5 million for senior housing at a new development near Bellis Fair Mall. The council partnered with the City of Bellingham in June to purchase the 2.7-acre property. The project includes plans for over 120 affordable rental units for low-income families and seniors, with a childcare center that could serve up to 100 kids at a time. Funds from this latest grant will cover 64 units of senior housing—13 of them being offered to homeless residents. Another $4.7 million grant that was announced on Thursday will go towards the Kulshan View affordable housing project in Mount Vernon. BELLINGHAM, WA (MyBellinghamNow.com) Jason Upton Jason Upton is a reporter and afternoon news anchor at KGMI. Feel free to send any story ideas or news tips to jupton@pnwmediagroup.com. Story © 2025 KGMI - Images © 2025 Saga Communications
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