Hampton Barringer Luzak is a media expert who has worked in journalism, advertising, and casting for the film industry. In addition to her work with companies like Pepsi, MSNBC, and Carlisle in these sectors, Hampton Luzak has spent many years restoring and flipping historical houses, her specialty covering houses dating from the 1700s.
House flipping is essentially an investment exercise, with your ability to plan and invest your time and money wisely. The idea is to find a house that is old, awkward, or otherwise undesirable, buy it for a low price, restore it, then sell it for its new value to make a profit. That new value comes from the labor you expend to restore it, so the faster and cheaper you do, the better your investment will be. If the restoration process takes too long or is too expensive, the eventual return will be devalued.
The first and most important step of house flipping is making an airtight plan. Knowing exactly what you’re going to do to get the house ready and sold as soon as possible is crucial. This involves setting a budget, securing initial funds to make your investment, finding a house that is feasible for you to renovate, and having the steps towards putting it on the market planned out ahead of time. The more flexibility you have in your budget at the start, the less time you’ll waste when problems arise.
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