Know your strengths and fill in where you are weak. If you are not an air-conditioning expert and you live in Arizona, hire a professional. If you have a family plus a full-time job, how many hours a week are you really going to be able to put in on the job? Time is money in the flipping biz, so hiring outside help may not be the extravagance it seems at the onset.

What To Look For

A good home inspector will be able to point out the home’s red flags, but generally you are looking for a house with good bones, on a big lot, in a great neighborhood, on a quiet street that’s been neglected for YEARS. Try to avoid sketchy transitional areas — if you’re not sure you’d feel safe or happy living there, chances are potential buyers will get the same vibe. 

The haunted house in your familiar proximity that’s been abandoned since you were six-years-old? MONEY!  The "mystery mansion" down the block with old sofas on the front porch and nine parked cars in the driveway? MARCH ON IN! 

You do not want to pay a premium for anything, so the more buyers who are turned off by the enormity of the work a house requires, the better deal you can probably negotiate.