• 30th Street (FURNISHED), San Diego, CA 92102
• $1,395 - $2,995 (Rentals)

South Park Duplex with two 3 BR/2 BA, 1,046 ESF units, plus 575 ESF Granny Flat studio in the rear

• Bedrooms: 3
• Bathrooms: 3
• Sq. Ft.: 1,190

• #200016233

• Bedrooms: 1
• Bathrooms: 1
• Sq. Ft.: 575

• #200016242

Thanks to the popular reality TV shows that feature house flippers who make nearly $50,000 in just a few weeks, house flipping has become more and more popular. There’s nothing wrong with the profession--it’s lucrative, honest, and helps a lot of people find their dream homes (since you’ve helped to fix it up for them). The only problem is that you have to be able to do the job right. You can’t go into it expected to paint the walls and sell the home for a million dollars. House flipping can take a lot of research and hard work. To help, here’s what you need to know in order to flip a house in 5 main steps.

1. Research the Real Estate Market

Between the coronavirus pandemic, the shutdown of nonessential businesses in outbreak areas and a plummeting stock market, many may wonder: Are we headed for a recession? Anyone hoping to buy a home anytime soon would probably like to know the answer before committing to a major, long-term purchase. If you believe in self-fulfilling prophecies, consider this: According to a realtor.com survey of consumer sentiment conducted in late 2019—before the coronavirus news broke—more than 30% of Americans had already expected to see a recession in 2020. Plus, 56% said they would postpone buying a home until the economy improves. 

“With expectations of slower growth, I think consumers are internalizing that, and possibly taking a longer look at their purchasing decisions,” says George Ratiu, senior economist for realtor.com®.

Yet that same survey also found that 44% plan to continue their house hunt, which experts say may make sense for many.

According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage in the U.S. averaged the lowest rate in our survey's history which dates back to 1971.

"The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history. Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down," said Sam Khater, Freddie Mac's Chief Economist. "Given these strong indicators in rates and sales, as well as recent increases in new construction, it's clear the housing market continues to be a positive force for the broader economy."