In the 1980's, flipping houses was not the household word it is today. In fact, we had never heard that term. However, my husband (now deceased) and I did make good money in renovation. I always say that I had the vision and he had the skills! I only got my real estate license so we could buy and sell those houses we were renovating without paying any commissions. After I got my license, he got sick and I fell in love with real estate.
The real secret to flipping houses at a profit, it making sure you know what the market will pay for that house when it is ready to sell. Everything is determined from that figure, i.e., what you pay for the distressed property, what your budget will be for upgrades and repairs, and what profit you need to make in order to make it worth the time.
And speaking of time, it is crucial to stay on your timeline. If finding the right price is the secret, then finishing the house so that market is still viable is essential.
Always, always, have a Realtor on your side that knows the marketplace inside out. Their knowledge and expertise can save you both dollars and frustration as you travel this path.
Happy Flipping!