3 Easy Ways to Make Money with House Flipping in Madison

Published: Nov. 15, 2018 at 1:41 PM CST
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Dan Spransy and Jennifer Briggs stopped by NBC15 News at 11 to talk about house flipping in southern Wisconsin and ways anyone can start.

Spransy is owner and broker at Realty Executives Cooper Spransy. Briggs is an agent at Realty Executives Cooper Spransy and has experience flipping homes.

Three easy tips for first-time house flippers:

No. 1: It's all about location. When searching for a home to flip it's best to look for the homes in worst condition in the best, highly sought-after neighborhoods. You can always change the physical appearance and add cosmetic touches to the interior or exterior, but you can't move it to a better location, according to Briggs.

No. 2: Don't over-personalize. While some homes may have amazing themes and ideas, the renovations should fit with the neighborhood. The updates should appeal to the most amount of buyers possible.

No. 3: Know your numbers. Budget is key. Decide on your spending and what you're hoping to sell the home for at the end of the day. Factor in renovation costs and holding costs, the cost of what it will be to keep the lights on and other utilities, taxes, etc. Briggs also suggested adding in a section for unexpected costs, as problems can arise for a new or seasoned house flipper.

Click the link to the right to connect with Realty Executives Cooper Spransy. It has more than 70 real estate professionals serving Dane County, the city of Madison and surrounding neighborhoods.