Experienced investors can flip houses quickly and profitably. The negative reports of flipping houses translate into reduced competition from other home buyers and home sellers are more motivated. Loan officers, closing agencies and the real estate agents themselves are all more cooperative if they know they are dealing with someone who is experienced.

The underlying question is “How do you make a profit flipping houses in a buyer’s market?”. Well, here are 5 secrets to making money flipping houses. These can lead you to a dream real estate investment portfolio.

Geography expert

You must me an expert on the geographical location that you are targeting. Stick to one area or one city to flip houses. Keep records of the following statistics: houses for sale in that area, number of houses sold in the previous month in that area, how long has a house been vacant, selling price, how much has the seller marked down their price. Call the real estate agent to find out if the selling price includes closing costs or if financing is provided by the owner. Once you have the statistics, check the house out for damage, etc.

Cheap supplies

You should spend the least amount of money that you can before reselling a house. Buy surplus building materials. Get used appliances that are in good shape and match each other.

Décor

Many investors make the mistake of trying to get out as quickly as possible and do not try to make the house very interesting. White walls in every room, etc. Still do the work as cheaply as possible, but add color to the rooms. Put in a laminate floor somewhere. Make the homes’ décor as attractive as possible to as many buyers as possible.

Staging

One of the best kept secrets to flipping houses for a high profit is staging. You don’t have to actually sell a furnished home, but if there are a few well placed pieces in the house, buyers will have a way to visualize how their furniture will look in the home. You can use the same pieces over and over again.

Stay ahead

It is imperative that you stay ahead of the local real estate market. Show the homes that you buy to as many people as possible and try not to sell it to other investors. They are looking to flip it again, so they will pay the lowest price possible. Negotiate commissions with real estate agents. Have the house in perfect order before it is appraised. Keep all potential buyers motivated.

If you follow the 5 secrets in this article you will be able to flip houses quickly and profitably.