Top Tips for Property Flips

Our newest serviced accommodation is up & running, and the first reviews are in for our Bridgewater Duplex apartments. I’m so happy that all the planning & preparation has paid off.

In the past couple of years, Jason Owen & I have really committed to growing our serviced accommodation portfolio with great properties that are designed with our guests 100% in mind.

But there’s another side to our property business that I wanted to share with you today.

We absolutely love flipping properties.

I’ve come a long way since my first property auction, where I went in feeling pretty nervous and unsure if we’d purchase even one property. I remember stamping on Jay’s foot as he kept raising his hand, and we kept winning the bids for more & more properties.

Now, I don’t get nervous at all. I just get excited when Jay presents me with another possible property that’s ready to be renovated.

If you’re just dipping your toe in the property market for the first time, or thinking of purchasing your first place at auction, I understand how daunting it can feel.

But it really can be fun, and it can pay off big time.

Here are my top tips for a stress-free, profitable property flip.

Research, Research, Research! ??

Before you start picking out paint colours & kitchen cabinet handles, you need to dive deep into the research. You might have found a bargain priced fixer-upper, but what are the property trends for that area? What are the vibes of the neighbourhood? Who would want to live there? Is there a ceiling on the asking price for that part of town?

Crunch Those Numbers??

Successful property flipping is more than just finding a cheap house and selling it for more. You need to be best mates with your spreadsheet & calculator. Factor in purchase price, renovation costs, agent fees, and potential resale value. The aim? Make sure your profit margins will pay off. Remember, it’ll take you time & energy to fix up a property – is the reward worth it for all your hard work?

Renovation Time! ??

This is my favourite bit. It’s tempting to roll up your sleeves and get cracking immediately. But a bit of patience at this stage really pays off. Put down the hammer, step away from the cement mixer, and take the time to craft a detailed renovation plan outlining what needs fixing, upgrading, or adding. Keep an eye on the budget – overspending can turn your dream flip into a financial nightmare. And remember, it’s about profit margin, not creating your dream home. Just because you love that maximal, rainforest-mural wallpaper does not mean it’s a good choice for a flipped property.

Timing is Vital ??

The goal is to complete the renovation and flip the property quickly & efficiently, to minimise holding costs & maximise profits. This means sticking to your schedule and working with a reliable team of contractors because...

Your Network is Everything! ??

You know what they say – your network is your net worth. If you have solid relationships with estate agents, contractors & suppliers, your life will be a whole lot easier. When you have a good network in the property field, you’ll often hear about hidden gems & sweet deals before anyone else. Nurture those relationships, because having people you trust on your team is a lifesaver in the long run.

Don’t Forget Finishing Touches ???

Presentation is everything. Once the renovations are done, it's time to show off your work. The right finishing touches & staging will allow potential buyers to envision themselves living there. What do you need to do to make your property stand out & shine?

And there you have it! Not so hard, right?

Over the coming weeks & months, I’ll be sharing more of my top tips about how to build success in the property business. But feel free to reach out if you have any specific questions or want to pick my brains.

And if you have any of your own top tips or success stories, share them in the comments! I love seeing old, run down properties turned into beautiful, forever homes for buyers.????