Turn Your Property Auction Flipping Hobby into a Full-Time Business: 4 Proven Tips

For many, flipping properties bought at auction is a reliable source of side income. It can be done mostly passively in your free time, and the hands-on work can easily be delegated to weekends or time you have off from your normal job. This is a great way to build wealth the safe way. However, it’s becoming a lot more common for casual flippers to want to take their hobby to the next level; they want to really turn it into a business. 

If that sounds like you, and you’re ready to replace your 9-5 with property flipping, here are four tips to start a property auction flipping business! 

1: Stop Searching Zillow and Similar Platforms

Traditionally, when you’re searching for properties to flip, you’ll use sites like Zillow and other places where you can see most of the properties available in the areas you search for with prices, pictures, and other bits of information. That’s perfectly fine, but it doesn’t help you secure the home quickly, and time is everything. You are not the only person trying to flip properties for profits. 

You’ll waste a lot of time making calls, negotiating, running off to get financing, and processing the whole thing. At any point, someone can swoop in and buy it from under you. 

Instead, make an account with Auction Flippers. Auction Flippers has listings of thousands of houses for sale to choose from, and you can instantly bid directly from the application. You can operate the entire purchasing process of your flipping business from your phone, and you never have to worry about lengthy negotiations and other nonsense getting in the way. Bid, win, and start flipping. 

2: Buffer Your Budget

You will need a budget to get started. While Auction Flippers guarantee to finance, you still need to have money set aside to perform the flip itself. Make sure you have enough to handle the flip of your first house with an extra cushion available. This will ensure that you can handle any surprises that pop up without delaying the flip and accruing ridiculous bills while you’re waiting to fix everything up. 

3: Have a Goal for Every Property

When you’re buying properties to flip, you’re not trying to build your dream home. You want to buy the property, boost its value enough to make a considerable profit without putting in too much work, and then move on to the next property. 

Every time you look at a property and consider bidding, determine what the goal would be for that property in terms of a practical profit-to-cost ratio and other factors; then, stick to that goal. 

4: Don’t Overpay

One thing about home auctions is, while they’re designed to help you get a deal, the competitive nature of it makes it easy for you to overpay.

Make sure you look at how much the home is worth, what you’ll be able to get out of it, and how much it might take to boost its value. When it’s bidding time, set a limit, and do not overpay just to win the bid. If the bid price becomes higher than what your goals will allow, move on. 

Starting a property auction flipping business requires careful planning and budgeting. Having a buffer for your budget will help you handle unexpected expenses and make sure your first flip is a success. Additionally, having a goal for every property you bid on will ensure you stay focused on the bottom line. Remember, don’t overpay at auctions, do your research on the property’s worth and what you can expect to get out of it. With these tips in mind, you will be well on your way to turning your hobby into a full-time business.