There are 14 rules house flippers should follow to create a successful business

We’ve covered a lot of ground in this column over the last two years, so let’s catch our breath and review some principles of successful property flipping. Here’s a review: . . .

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Real estate flippers may need special insurance coverage if they

Much as we’d all love to sell a flipped property within a week of putting it on the market, we all know it doesn’t always happen that way. Indeed, it probably shouldn’t: A big part of the engine that drives flipping profits – at least in the flippin insider way of thinking, is to find sellers who are in a hurry to sell, without being in such a hurry yourself. . . .

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There are several mobile apps that property flippers can use to make a real estate business run more smoothly

This is a good topic to revisit every once in a while because apps are always improving, and they’re always coming out with new ones. Thinking back even 10 years now, I don’t know how we managed without smartphones! If you’ve been wanting to leverage technology into productivity and profitability, here are some proven solutions for real estate flippers! . . .

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Real estate investors and property flippers need to consider their margin of safety before taking on renovations

It’s been a long dry spell, but it’s looking like significant improvements are providing a better return on investment for real estate investors than they have in years. That’s good news for flippers, because that’s just one more way for a fix-and-flipper to add value. . . .

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Certain tax deductions can help real estate flippers manage their businesses

Tax season is here – and as any veteran flipper knows, it ain’t what you have – it’s what you get to keep. In the flipping business, deductions are crucial. Unless you have a handle on your expenses, and can accurately deduct them, the Internal Revenue Service can only tax you on your gross. If your record keeping is slovenly or you aren’t alert to the deductions you can take, even getting 90 percent of your deductions right is enough to murder you. . . .

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Before purchasing a house to flip, make sure you don

Plumbing can be a flipper’s nightmare, because leaky or corroded pipes can cause problems that are not readily apparent to the eye, but become all to obvious when you start making modifications to the home. You can think you’re replacing some old tile, or redoing some drywall, and encounter a nightmare of leaky pipes, water damage, mildew and wet rot that was invisible when you inspected the property. . . .

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Flipping houses to hipsters and millennials can mean working in areas of gentrification

You can make money flipping to hipsters and millennials – but not to just any hipster or millennial. The key is to get in front of a specific subset of them known as urban Bohemians, or the type of educated, affluent knowledge or creative worker that author David Brooks identified back in 2000 as bourgeois bohemians, or “bobos.” . . .

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There are alternatives to the traditional mortgage when it comes to lines of credit for house flippers

When most people think of borrowing to buy real estate, they think of mortgage debt, naturally – and particularly of Fannie Mae, Freddie Mac, and of course the VA and FHA options. Are there other lines of credit available? Where else can you raise capital for a house-flipping venture? Here are some ideas – and we’ll take a closer look at some or all of them in future installments of the Flippin’ Insider. . . .

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Real estate investors, including property flippers, can learn a lot from Warren Buffett

Now, for most veteran stock investors, Warren Buffett needs no introduction. He is the chairperson of a holding company called Berkshire Hathaway, and is arguably the most successful investor alive. He doesn’t owe his fortune to a great invention or a single great product. People can get lucky with that. Rather, Buffett built his fortune the same way you can: by accurately identifying undervalued investable assets, buying them for . . .

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If you

In any kind of investing, making money is only half the battle. You must also expend considerable effort, time and capital on protecting your gains and making sure they aren’t stripped away from you, whether by an act of God, a criminal act on someone else’s part, or just random misfortune. After all, every successful football team has to have at least a competent defensive unit. . . .

Read more about Insurance Considerations for Real Estate Investors