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How to Start a House-Flipping Business: Your Essential Toolkit

Meredith Wood

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

If you've tuned into HGTV lately, it won't come as a shock to learn that more people than ever are interested in how to start a house-flipping business. For enterprising investors who aren’t afraid of hard work, flipping a house is an exciting opportunity for short-term investment and for starting a new business. But there’s a lot of research to be done, plus financing and resources you need before you can start a house-flipping business yourself.

So we’re all on the same page here, house flipping is the process of purchasing distressed, foreclosed, or otherwise desirably priced property with the intent to fix it up and sell at a higher price within a short period of time.

»MORE: Read how to fix up that first property you're flipping

If you’re one of those enterprising investors who want in, you’ll need to know more about how to start a house-flipping business. Follow this guide to help you develop a business strategy, plus determine and execute the optimal financing plan.

flip houses business plan

Starting a house-flipping business in 8 steps

If you’re determined to invest in short-term real estate and flip a house, here’s where to start:

Step 1: Write a business plan

Before taking any action, financial or otherwise, it’s crucial that writing a business plan is the first step in starting your own house-flipping business. A business plan will be key to keeping your business on track, helping you estimate profits, and getting investors.

Your business plan should be fairly in-depth and there is a lot of information you should be sure to include in it. You can either write it on your own or use a business plan template to help you. No matter what you choose, you should be sure to include the key parts of a business plan.

You'll want to start out with an executive summary detailing the purpose of your business, the vision you have for it, some high-level financial projections and identify who will be involved in the business. The rest of the business plan should include a section on the competition and the demand for your business. After all, you need to be sure that there's enough demand to sustain your house-flipping business—a lack of demand for a small business is the reason 42% of small businesses don't make it. That's a group you don't want to be a part of simply because you didn't do your research before starting your business.

You should also use your business plan to lay out what exactly your business will do and how much it will cost, along with how much you expect to make. With house flipping, you'll want to detail how much money you have, how much you expect to need to buy properties and flip them, and then how much you expect to make back.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Step 2: Grow your network

Flipping houses is tough work, and you'll need a plethora or resources to help you finish each job. Identify the resources already available to you to take full advantage of your strengths. Experience in the real estate business, access to a network of excellent craftspeople, or just a promising property are all assets.

Talk to friends or relatives involved in real estate investment, particularly in the area where you plan to invest in property. Anecdotal evidence and word-of-mouth advice can help you find reputable wholesalers, contractors, and realtors to help you find and complete jobs within budget.

Reach out to your existing professional or personal network to find contacts within the industry, and seek out experts for mentoring and advice. Get active in local real estate investment groups or find your chapter of REIClub to connect with industry professionals.

Step 3: Choose a business entity

In order to operate your house-flipping business legally, you'll need to choose a business entity and register your business with the state in which you plan to operate. While there are many business entity types to choose from, you will want to opt for one with limited liability protection, such as an LLC or corporation.

Liability protection is especially important for a house-flipping business because there are many opportunities for things to go wrong. If someone sues your company over an issue with a property you flipped, you'll want to make sure your personal assets are protected. If you're unsure which entity is right for your business, consult a business attorney to help you weigh your options.

Step 4: Obtain an EIN, insurance, permits, and licenses

Registering your business is the first step to legally establish your operation, but there are a few more steps to take to make sure you're officially allowed to start work as a house flipper. First, you should register for an employer identification number, also known as an EIN. Think of this as a socials security number for your business, which you will use for tax purposes, as well as when applying for business loans or a business bank account or credit card. Applying for an EIN can be done online through the IRS website.

Next, you'll want to look into your business insurance options. If you hire employees, you'll need workers compensation, unemployment, and disability insurance. Beyond those policies, you should also look into general liability and commercial property insurance to protect yourself, your business, and your properties.

Finally, you'll need the proper business licenses and permits to operate your business. The licenses and permits you need will depend on your state and the scope of work you're doing; however, you can expect to need several permits when working in the construction business. Check with your local chamber as commerce and consult with your business attorney to make sure you have all the paperwork you need before you start any work.

Step 5: Find suppliers and contractors

Once your business is legally established, it's time to find contractors and suppliers to help you get your business going. Even if you plan to contribute sweat equity to your house-flipping business, you’ll probably need additional contractors to complete a project successfully. Look for contractors with a portfolio of demonstrable work, references, and positive feedback from previous projects.

A trusted general contractor can also look over any remodeling plans and budget projections you make to check for accuracy with regard to cost and timeliness. Finding suppliers who are reliable and can work within your budget is also incredibly important. Tap into your network and do your research to find some reputable options.

Step 6: Assemble a team

Whether you plan on bringing in a partner, hiring outside contractors, or renovating each property yourself, you’ll need to recruit a team of qualified people to complete a successful flip. In particular, consider sourcing for these roles, which could really help you keep things organized and get the most out of your investment:

Business partners or investors

A good potential partner might be an active private investor in your personal network or a real estate investor looking for a project manager. A good business partner brings an asset or skill to the relationship—be it capital resources, skilled labor, industry expertise, or simply a great work ethic and determination to make an honest profit.

According to Jamell Givens, a partner and real estate investor at Leave the Key Homebuyers, the advantage of having a business partner is the ability to evaluate a deal in different ways. Whereas one partner might think only of a home's profit potential, the other might bring local knowledge or connections with contractors.

Realtors or property owners

A background in real estate and property ownership is a huge plus in the house-flipping business. An experienced partner can help you search efficiently for prospective properties, identify the most valuable improvements for a given area, and navigate contracts and sales once the rehabilitation is complete.

Or, if you know a homeowner looking to sell and willing to loan you the money for necessary repairs and renovations, owner or seller financing may work for you.

Legal counsel

Seeking legal advice about any financial agreement or contractual obligation is a good idea, especially when you’re considering making major investments and buying property.

Step 7: Obtain financing

You’ve found a partner, done your research, and maybe even identified the first property you want to flip. In other words, you’re ready to finance your house-flipping business’s first fix-and-flip.

If this is the beginning of your house-flipping career, you’re probably not going to be eligible for a traditional bank loan. Typically, banks only approve businesses with many years of profitability under their belts. And in house-flipping, time is money. That makes the best fix-and-flip loans short-term financing option—usually around 12 months. Repayment terms on bank loans, on the other hand, can run between five and seven years.

That said, you do have a wide variety of fix-and-flip loans available to you. As a brand-new business, you also have a good option to tap into your personal funds or investments. It’s a little risky to throw your own skin in the game—in other words, your nest egg—but it’s likely that your business doesn’t have the revenue and financial stability that most lenders want to see before extending you a business loan .

As always, it’s wise to explore all of your possible options before settling on a loan that best suits your needs. Start your search with these options for new house-flipping businesses:

Friends and family loan

Many rookie real estate investors fund their first projects with personal loans from partners, friends, or family members. If the loan is comfortably within the lender’s means, this alternative to a bank or private loan can alleviate some of the pressure of a traditional loan, as well as ensure a degree of accountability.

If a friend or family member is an investor or partner in your house-flipping project, it’s a good idea to establish terms of the arrangement in writing as soon as you reach an agreement.

Tap into your 401(k)

For first-time flippers with a retirement plan who are not planning to retire in the near future, one financing possibility is taking out a loan from your 401(k). This option incurs the risk of losing your nest egg, which is always a scary prospect. But financing a business with a 401(k) might be the only viable option for entrepreneurs just starting out—and if you’re smart with starting your house-flipping business, you can hopefully make back the cash and then some.

There are two main options for 401(k) loans: The classic 401(k) loan, in which the IRS allows you to borrow up to half the vested balance, or $50,000, whichever is amount is lower; or a ROBS . You’ll determine which type of financing makes the most sense for you based on the size of your investment and your willingness to dip into your retirement savings.

Combination financing

Many experienced short-term real estate investors find success using multiple financing sources to purchase and renovate a property. Depending on your own capital, a partner or investor, and external lenders, it’s likely that you’ll end up using a combined solution to finance your house flipping business.

Step 8: Source your deal

The success of flipping a home depends in large part on supply and demand in the local real estate market, as well as the cost of labor and value appreciation of the renovations.

Identifying your target property market might help you decide if a real estate wholesaler, auction, or a traditional broker is the right choice for your project. If you’re interested in distressed or foreclosed properties, a wholesale broker or auction will have higher volumes of properties available. A traditional broker might be right for you if the real estate market is new to you or if you need help finding a specific type of property or building.

Determine the scope of renovations or rehabilitation you are equipped to complete on a property, keeping in mind the duration and amount of your fix-and-flip loan.

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Follow these best practices for a successful house-flipping business

Once you develop a business strategy, assemble a team, identify a property, and secure financing, it’s time to start implementing your renovation plans, thinking about marketing and selling the property , and generally getting your house-flipping business underway. Make sure you:

Commit to your business plan. Planning, logistics, and administrative organization will make or break your project—although you have the potential to make a big, quick profit, starting a house-flipping business is no walk in the park. You’ll need to scout properties, calculate renovation costs, source a trustworthy crew, possibly apply for a small business loan… not to mention the curveballs that may arise with every step.

Approaching the process with a detailed business plan in hand will help keep you on track. And the more confident you are in your business strategy and execution plan, the more adaptable you’ll be to those unpredictable circumstances that’ll inevitably arise.

Grow your network. Use your first fix-and-flip project to foster relationships with industry professionals—from investors to realtors to carpenters—whose collaboration and skills you will need for your next house flip. Experienced contractors and agents can connect you with other vendors, give you leads on properties and service-providers, as well as provide advice on specific projects. Trusted contacts in the industry can also help you cover your blind spots, and make sure estimates for properties and repairs are accurate, saving you time and money.

Make estimates—then double them . Unless you’re already in possession of a property, sufficient cash, and experience with home repairs, the process of flipping a home will require timelines and cost estimates at every turn.

Err on the side of caution when making any projections about the cost and duration of the renovation. That’s especially important if you’re financing your startup with outside investors who need to see that you’ve done your due diligence before putting their own capital on the line.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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11 Components Of A Successful House Flipping Business Plan

flip houses business plan

Why Start Flipping Houses?

What is a house flipping business plan, why you need a business plan for flipping houses, 11 important steps in your fix-and-flip business plan, assemble a team & execute, 5 house flipping mistakes to avoid.

There is absolutely no reason for a real estate investor to treat a flipping career like anything less than a legitimate business in today’s competitive marketplace. Whether flipping houses as a full-time job or supplementing a nine-to-five, every investor could benefit immensely from implementing sound business practices into their existing strategy. More specifically, however, there’s no reason to think a well-devised house flipping business plan can’t maximize even a new investor’s potential. If for nothing else, treating flips like a business will tip the scales in an investor’s favor while simultaneously eliminating inefficiency and inconsistency–two of the greatest threats to today’s entrepreneurs.

When asked why they start flipping houses, most investors will instantly lean into the fact that they get to work for themselves, that, and the money. In fact, it’s not a hard argument to make. Becoming a real estate entrepreneur can simultaneously be lucrative and fun. Few career paths award hard-working individuals with more freedom and the ability to generate wealth on the same level as a career in real estate.

Even when the pandemic all but brought the U.S. economy to a standstill, a proper house flipping business plan proved lucrative. As recently as last year, the average home flip “generated a gross profit of $66,300 nationwide (the difference between the median sales price and the median amount originally paid by investors). That was up 6.6 percent from $62,188 in 2019 to the highest point since at least 2005,” according to Attom Data Solutions’ year-end 2020 U.S. Home Flipping Report .

However, it is worth noting that the answer to the question will resonate on multiple levels for today’s best investors. You see, on the surface, it’s easy to understand why someone would want to start flipping houses: it’s a good way to work for yourself and make money. However, some see flipping houses as a bridge to get closer to what they really want. With the ability to realize financial freedom and work at their own pace, investors use real estate as a vehicle to bring them true happiness. Whether spending more uninterrupted time with family and friends or traveling the world, real estate can serve as the means to an end investors envision.

house flipping business plan

A house flipping business plan is nothing short of the most important aspect of a real estate investor’s career. To that end, I remain convinced few things–if any–come with a better return on investment (ROI) than a well-crafted business plan for house flipping. I could easily argue a great business plan is invaluable, which begs the question: What is a house flipping business plan? Better yet, why does anyone looking to flip properties need to implement one?

To be clear, a business plan for flipping houses is exactly what it sounds like: a plan for flipping houses. However, it is worth noting that a truly great house flipping business plan isn’t meant for flipping a single property but rather multiple properties. You see, a truly great flipping strategy isn’t meant to be used on a single property; it’s meant to guide investors through the house flipping process over the course of their entire careers. Therefore, any investor intent on running a successful rehab company needs to have a real estate flipping business plan of their own.

Today’s most prolific house flipping business plans act as a blueprint for success; better yet, they award savvy investors the chance to make success habitual.

It is not enough to simply start flipping houses on a whim; doing so exercises a reckless abandonment nobody will appreciate. Instead, investors need to devise a plan of attack, as to increase their odds of realizing success and giving themselves a blueprint to follow in times of need. It is worth noting, however, that a house flipping business plan does more than simply tell investors where to go. A truly great flipping houses business plan will also:

Help investors maintain an organizational level that is conducive to a successful business.

Show others how serious investors are, perhaps awarding them with a more trusted network.

Clarify whether or not a respective revenue model makes sense.

Share an investor’s vision with others easier than just about anything else.

Help lenders decide if they want to work with a specific borrower.

Help investors turn their thoughts into more actionable processes.

Bring to light an individual’s strengths and weaknesses.

Force some investors to address their own risk tolerance.

No two businesses are exactly alike, and it’s unfair to expect even similar companies to share the exact same business plan. Perhaps even more importantly, there isn’t a single, universal business plan for flipping houses that will work for every investor in a given market. What works for one investor may or may not work for another, and vice versa. Case in point: there are several ways to draft a promising business plan. That said, no house flipping business plan template is complete without the following sections:

Executive Summary (Mission Statement)

Team dynamic, swot analysis, opportunity, market analysis, financing and projections, growth strategy, lead generation and marketing, goals and objectives, competition, exit strategies.

Aptly named, the executive summary section of a house flipping business plan should sum up an investor’s intentions in a clear, concise mission statement. Perhaps even more specifically, the executive summary will serve as the foundation for an entire business; it’s the first impression, and it’s what customers will use to determine whether or not they want to work with a respective company. Every executive summary should, therefore, clearly define the company’s purpose and long-term goals.

No rehab strategy is complete without clearly identifying the team’s dynamic . Identify the most important positions that will be held and who will hold them. There is no need to acknowledge every person in the rank and file, but it’s important to include the most important positions. In addition to each person’s title and name included in the team dynamic section, be sure to include a description of the title and why it’s needed. This section aims to identify each person’s role moving forward and prevent any disputes over whose responsibility a specific task will be. More importantly, the team dynamic section will see that everyone has a clear idea of what they need to do.

A popular acronym is used to acknowledge a company’s strengths, weaknesses, opportunities, and threats. A SWOT analysis will help up-and-coming real estate investors identify the very components working for and against their current business plan. If for nothing else, success favors those that are most prepared. Few things will prepare a real estate investor for what’s to come better than identifying their own strengths and weaknesses. Perhaps even more importantly, an in-depth, unbiased SWOT analysis will help investors carve out their own niche moving forward.

It is in the best interest of today’s investors to identify the problems that plague their industry and the opportunities that are inevitably created as a result. It’s a sad reality, but a truth, nonetheless: distressed homeowners are in a difficult situation. However, their problems create an opportunity for investors to lend a helping hand. That said, investors need to identify their own opportunities and how they can take advantage of them. This part of the rehab strategy should identify the target audience’s needs and offer a solution.

The market analysis section of a flipping houses business plan should identify the main indicators of the area investors intend to work in. As its name suggests, a market analysis should offer an in-depth look at what’s taking place in the same neighborhoods investors intend to work in. Pay special considerations to the past, present, and future. Among other things, be sure to reference changes in the market share, nearby competitors, historical shifts in the market, costs, pricing, and anything else deemed important to an investor’s success. The more comprehensive, the better a market analysis will serve an investor.

Not surprisingly, the best strategies will detail a company’s financial outlook. Financial literacy about one’s own company can’t be underestimated, and one should prioritize almost everything else involved in a house flipping business plan template. Be sure to explain the model you intend to use and any pricing assumptions gleaned from the market analysis. Additionally, investors will also want to include where exactly they intend to get their funding from and how they will secure money for future deals. To be safe, consider forecasting for at least three years; that way, investors are less likely to receive rude or unwelcome awakenings. The financing section should also touch on how the investors intend to finance future deals. Include which sources will be used, and their respective fees and timelines. The more methods of financing a deal investors have at their disposal, the better. This section should include, but isn’t limited to:

Private Money Lenders

Hard Money Lenders

Institutional Lenders

Owner Financing Strategies

Crowdsourcing

Creating a business plan for house flipping will require investors to think proactively. More importantly, house flipping business plans–even those accommodating new investors–should be written with the intentions of future growth. Scaling a business can prove difficult for those companies that aren’t ready for it. Therefore, it is best to include a section in your initial rehab strategy that outlines any growth strategies that may be relevant. The best time to entertain a growth trajectory is from the onset of one’s career, not in the heat of the moment. Those prepared for growth from the beginning will find the transition to be a lot easier.

Every great house flipping business plan will include a section on how to generate leads through a proper marketing strategy. If for nothing else, this section will serve as the foundation for a great deal of the company to function off of. It is with a great marketing strategy that investors will be able to operate and maintain a funnel of hot leads. It is worth noting, however, that a truly great marketing system is the sum of its parts. There isn’t a single marketing strategy investors should be using, but rather several. For a better idea of what today’s investors are using, here’s a list of what has worked for us:

Direct Mail Marketing

Bandit Signs

Door Hangers

Curated Lists Purchased Online

Real Estate Investment Clubs

No real estate investor can hope to realize success if they can’t clearly define what success for their own company would look like. In other words, it’s impossible to succeed if there are no clear goals and objectives to aim for. Likewise, you can’t possibly know if you realized success if you never sought to define what success actually means. Success is, after all, a relative term. What one investor may deem as a successful business, another could completely disagree with. Therefore, today’s new investors need to develop their own definition of success; that way, they can have something to strive for and even reference when times get tough.

For as important as it is to know your own business, it’s equally important to keep tabs on the competition’s business. There is a great deal of information that can be gleaned from the way your competition runs its business. Therefore, I recommend dedicating an entire section of your house flipping business plan to the people you intend to compete against. What are they currently doing that is working? What hasn’t worked out well for them? Do they currently have a competitive advantage? In understanding the competition, investors will have a better idea of how to proceed and what not to do. Be sure to learn from their successful efforts, but don’t ignore their shortcomings; they are just as valuable.

No plan is even remotely close to complete without a section that outlines potential exit strategies. Therefore, it is at this point in the planning process that investors need to weigh their available options. First, evaluate the property based on its merits and determine how it may meet your specific investing goals. If, for nothing else, there’s an ideal exit strategy for each property, but it must line up with your own goals. In other words, you need to know whether you will flip, rehab, wholesale, or rent the asset before you even buy it. Not only that, but you’ll need a backup plan in place in the event things don’t go according to plan.

business plan for flipping houses

It is entirely possible to pull off the perfect house flipping business plan by yourself. After all, one of the best reasons for becoming an investor is to become your own boss. That said, this industry can get very involved very fast. In addition, many skills are required to complete a single deal, all of which can be performed by a different professional. As a result, it may be in every investor’s best interest to assemble a well-qualified team. With a competent team at your side, you’ll be free to do more important activities. Not only that, but if you hire the right team, you can remain confident the job is getting done well.

A good real estate team is invaluable and can increase productivity exponentially. To see to it your team can compete on the highest level, you may want to consider enlisting the help of the following individuals:

Real Estate Agent: A truly great real estate agent is worth their weight in gold. Their knowledge of a given area and their contacts — alone — can save investors an incredible amount of time and money. As a result, a good real estate agent should be one of the first additions to your team.

Attorney: As I already alluded to, the real estate industry can get complicated really fast. A good real estate attorney can make sure you have every corner covered. Their help will mitigate risk around every corner.

Contractor: Good contractors may be found in any city, but the key isn’t to hire just any contractor; you need to hire the right one. A trustworthy contractor is invaluable to today’s investors. Their skills will show in the final product and keep investors on schedule.

CPA: Not unlike the industry itself, the numbers behind everything can get confusing. Therefore, it is important to hire someone familiar with real estate deals and their respective “numbers.” That way, there is much less of a risk of running the numbers incorrectly.

Inspector/Appraiser: Aligning your services with an appraiser or inspector can give investors an advantage. Not only will they serve as a valuable contact when it comes to getting a home inspected, but they can also expedite the process. Remember, time isn’t just money to real estate investors; it’s everything.

Successfully flipping homes requires investors to hone specific skills to increase their odds of making a profit. However, many investors don’t realize that it’s just as important to avoid mistakes as it is to be successful. Sometimes knowing what not to do is just as valuable as knowing what to do. With that in mind, here are some of the most serious house flipping mistakes to avoid:

Inadequate Funds: Any failure to calculate the amount of necessary funds could be disastrous. Running out of capital in the middle of a project can potentially lead to deal-ruining delays and perhaps the deal from being completed altogether. Consequently, those without adequate funds may find the urge to cut corners and produce an inadequate product, which can ultimately cut into profit margins. Instead of beginning a deal with inadequate funds, it’s better to give yourself extra cash to serve as a safety net.

Poor Time Management: Time isn’t simply money; it’s everything to an investor. Therefore, today’s investors really need to learn time management. The faster they can get in and out of a deal, the better. Holding costs will be down, and they’ll be able to move onto another deal even sooner if they can efficiently manage their time. Failure to do so can cost investors a lot of money and perhaps even ruin a deal. Instead of heading into a deal without a plan, investors need to have a schedule. Not only that, but they need to do everything they can to stick to it to avoid unnecessary setbacks.

Inexperience: As perhaps the biggest mistake of them all, far too many investors tend to get in over their heads. A lack of experience, for example, can lead o poor decision-making and folding under pressure. Therefore, investors should work within their comfort zone. Instead of attempting an exit strategy you aren’t familiar with, stick with what you know. When the time comes to branch out, educate yourself before moving forward.

Lack Of Education: A lack of education can be disastrous at any stage of an investment. Nothing is more sure to ruin a deal than ignorance. Therefore, investors must know everything about a deal before going into it. Proactively learn about every aspect of a deal. Read, listen to podcasts, take classes and talk to anyone you may learn from. Education is invaluable to an investor and can alter the course of their career in great ways.

Impatience: Patience is a virtue in the investing world. While time is money, it’s also important to maintain a level head. Sometimes patience can prevent investors from making a huge mistake. If for nothing else, acting irrationally can be devastating.

Today’s greatest real estate investors know it, and it’s about time everyone else did, too: no real estate investing company is complete without a thoroughly crafted house flipping business plan . As the blueprint for running a successful company, business plans are instrumental in developing a new investor’s name and even furthering seasoned entrepreneurs’ success. All things considered, the majority of today’s most successful investors can attribute their current position to a sound business plan.

There’s no reason to think a well-devised business plan for flipping houses can’t maximize even a new investor’s potential.

With a flipping houses business plan in place, investors should have a blueprint to follow before they even get started.

Use a house flipping business plan template if you aren’t sure how to draft one yourself.

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flip houses business plan

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House Flipping Business Plan Template

  • Written by Dave Lavinsky

House Flipping Business Plan

Table of Contents

House flipping business plan.

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their house flipping businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a house flipping business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a House Flipping Business Plan?

A business plan provides a snapshot of your house flipping business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for Your House Flipping Business

If you’re looking to start a house flipping business, or grow your existing house flipping business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your house flipping business in order to improve your chances of success. Your house flipping business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for House Flipping Businesses

With regards to funding, the main sources of funding for a house flipping business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

Personal savings is the other most common form of funding for a house flipping business. Venture capitalists will usually not fund a house flipping business. They might consider funding a house flipping business with a national presence, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.  With that said, personal savings and bank loans are the most common funding paths for house flippers.

Finish Your Business Plan Today!

If you want to start a house flipping business or expand your current one, you need a business plan. Below are links to each section of your house flipping business plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of house flipping business you are operating and the status. For example, are you a startup, do you have a house flipping business that you would like to grow, or are you operating a chain of house flipping businesses?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the house flipping industry. Discuss the type of house flipping business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of house flipping business you are operating.

For example, you might operate one of the following types of house flipping businesses:

  • Single Family Home : this type of house flipping business focuses on one property that is usually bought at a low price, completely renovated and then sold for a profit.
  • Multi-unit Complex: this type of business focuses on a multi-unit building where a house flipper rehabs every unit within the building and then either sells those units individually or sells the complex as a whole.
  • Multi-investor Flipping: this type of house flipping is where houses are flipped between multiple investors before it enters the fix and flip stage.

In addition to explaining the type of house flipping business you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of customers served, number of positive reviews, number of referrals, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the house flipping industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the house flipping industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your house flipping business plan:

  • How big is the house flipping industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your house flipping business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your real estate flipping business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: homeowners, prospective homeowners, contractors and real estate agents.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of house flipping business you operate. Clearly, prospective buyers would respond to different marketing promotions than contractors, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most house flipping businesses primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other house flipping businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes real estate agents, online home listing services and investors. You need to mention such competition as well.

With regards to direct competition, you want to describe the other house flipping businesses with which you compete. Most likely, your direct competitors will be house flippers located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of customers do they serve?
  • What types of housing units do they buy, rehab and sell?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide better design, construction and renovation services?
  • Will you provide services that your competitors don’t offer?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a house flipping business plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of house flipping company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to house flipping, will you provide custom interior design services, financing or any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your house flipping company. Document your location and mention how the location will impact your success. For example, is your house flipping business located in a busy retail district, shopping plaza, mall, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your house flipping marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Advertising in local papers and magazines
  • Reaching out to local websites 
  • Social media marketing
  • Local radio advertising

Operations Plan

While the earlier sections of your business plan for flipping houses explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your house flipping business, including scouting properties, attending house auctions, renovating homes and meeting with potential buyers. 

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sell your 50th home, or when you hope to reach $X in revenue. It could also be when you expect to expand your house flipping business to a new city.  

Management Team

To demonstrate your house flipping business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing house flipping businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing house flips or successfully running small businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you purchase one new home per month or per quarter? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your house flipping business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a house flipping business:

  • Location build-out including design fees, construction, etc.
  • Cost of equipment and supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or blueprints of homes you are working on.   Summary Putting together a business plan for your house flipping business is a worthwhile endeavor. If you follow the sample template above, by the time you are done, you will have an expert house flipping business plan; download it to PDF to show banks and investors. You will really understand the house flipping industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful house flipping business.

House Flipping Business Plan FAQs

What is the easiest way to complete my house flipping business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your House Flipping Business Plan.

Where Can I Download a House Flipping Business Plan PDF?

You can download a house flipping business plan pdf here.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of house flipping business you are operating and the status; for example, are you a startup, do you have a house flipping business that you would like to grow, or are you operating a chain of house flipping businesses?

  OR, Let Us Develop Your Plan For You Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.

Click here to see how Growthink’s professional business plan consulting services can create your business plan for you.   Other Helpful Business Plan Articles & Templates

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House Flipping Business Plan Template

Written by Dave Lavinsky

House Flipping Business Plan

You’ve come to the right place to create your House Flipping business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their House Flipping companies.

Below is a template to help you create each section of your House Flipping business plan.

Executive Summary

Business overview.

SW Redevelopment is a new house flipping company that specializes in buying properties in Phoenix, Arizona and turning them into exquisite homes suitable for a better living experience. The company will operate in a professional setting, conveniently located near the center of the city. Our company partners with the best contractors and designers in the city to help renovate and design the best homes possible for Phoenix residents.

SW Redevelopment is run by Erin Briggs, an MBA graduate from Arizona State University with more than 20 years of experience working as a real estate broker. Throughout her career, she realized the hardest part of selling a house is getting it in perfect condition to put on the market. That’s why she decided to start a company that takes that pressure off residents so they can sell their homes with ease.

Product Offering

SW Redevelopment will be able to provide the following services:

  • Personalize house designs (both interior and exterior)
  • Property restoration or renovation
  • Project cost evaluation
  • Broker opinion of valuation
  • Marketing property for lease/sale

SW Redevelopment will primarily offer single-family residential properties.

Customer Focus

SW Redevelopment will primarily serve house buyers and sellers interested in properties within the Phoenix, Arizona area. We expect much of our customer demographic will include middle to upper-class families and first-time homebuyers.

Management Team

SW Redevelopment’s most valuable asset is the expertise and experience of its founder, Erin Briggs. Erin has been a licensed real estate broker for over the past 20 years. She has spent much of her career working in different real estate agencies and has an in-depth knowledge of the Phoenix housing market. She knows that residents struggle to renovate their homes before selling and therefore created this company to take that process off their hands.

SW Redevelopment will employ an experienced assistant to help with various administrative duties around the office. The company will also hire or partner with the best contractors and designers to design the best-looking homes in the Phoenix area.

Success Factors

SW Redevelopment will be able to achieve success by offering the following competitive advantages:

  • Design Team: The design teams are made up of creative individuals that are adept at renovation, restoration, building projects. They all highly value the opinions and preferences of their clients, making their designs personal and unique to each one.
  • Management: Our management team has years of business and marketing experience that allows us to market and serve clients in a much more sophisticated manner than our competitors.
  • Relationships: Having lived in the community for years, Erin Briggs knows all of the local leaders, newspapers, and other influencers. As such, it will be relatively easy for us to build branding and awareness of our company.
  • Location: We are located in the heart of the city and are near prime locations where we’re exposed to individuals who have the ability to purchase properties.

Financial Highlights

SW Redevelopment is seeking a total funding of $1,070,000 of debt capital. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses, and working capital.

Specifically, these funds will be used as follows:

  • Office space build-out: $50,000
  • Office equipment, supplies, and materials: $20,000
  • Initial property purchase and renovations: $600,000
  • Six months of overhead expenses (payroll, rent, utilities): $250,000
  • Marketing costs: $50,000
  • Working capital: $100,000

The following graph below outlines the pro forma financial projections for SW Redevelopment.

flip houses business plan

Company Overview

Who is sw redevelopment, sw redevelopment history.

After 20 years of working in the real estate industry, Erin Briggs began researching what it would take to create a house-flipping company. This included a thorough analysis of the costs, market, demographics, and competition. Erin has compiled enough information to develop her business plan and approach investors.

Once her market analysis was complete, Erin Briggs began surveying the local office spaces available and located an ideal location for the business. Erin Briggs incorporated SW Redevelopment as a Limited Liability Corporation on October 1st, 2022.

Once the lease is finalized on the office space, renovations can be completed to make the office a welcoming environment to meet with clients.

Since incorporation, the company has achieved the following milestones:

  • Acquired the perfect location for their headquarters
  • Identified properties to start flipping
  • Began recruiting key employees
  • Utilized connections to find the best designers and contractors

SW Redevelopment Services

Industry analysis.

With the demand for houses increasing substantially over the past few years, there has also been a great demand for house-flipping services. House flipping helps sellers sell their homes with less work and helps buyers find the perfect home of their dreams.

The past few years have seen the largest increase in house flipping since 2006. Over 320,000 single-family homes and condos in the United States were flipped in 2021, up 26% from the previous year. This trend continued into 2022 and is expected to continue in 2023.

The factors contributing to this solid growth include rising home prices, increased sales, and greater construction combined with higher homebuyer demand. Furthermore, consumer spending will drive business expansion, and ensuing investor confidence in real estate will help raise commercial transaction volumes. Now is a great time to start a house-flipping business, as the market is sure to remain strong.

Customer Analysis

Demographic profile of target market.

The precise demographics for Phoenix, Arizona are:

Customer Segmentation

We will primarily target the following customer segments:

  • Home sellers
  • Home-buyers
  • Middle and upper-class families

Competitive Analysis

Direct and indirect competitors.

SW Redevelopment will face competition from other companies with similar business profiles. A description of each competitor company is below.

Property Fortune Flippers

Founded in 1985, Property Fortune Flippers is an integrated network of companies concentrated on real estate opportunities. A leading acquirer of distressed residential real estate across the United States, Property Fortune Flippers has grown into a diversified, vertically integrated company, expanding its business footprint to include residential rehabilitation, non-performing loans, property management, private lending, brokerage, and escrow.

House Flippers

Established in 2004, House Flippers is a real estate investment, education, and coaching company. The company actively invests in real estate and has been involved in more than $1 billion of residential and commercial real estate investments since its inception. This success prompted the company to develop a systemized process that could be taught to prospective investors. The company manages between 25 and 40 ongoing redevelopment single-family and multi-family projects at all times, as well as acquiring apartment communities, retail shopping centers, and office buildings.

Equity Investors

Established in 2007, Equity Investors is a real estate investment firm. It seeks to invest in distressed residential and commercial real estate asset investment, management, multifamily, workouts, and turnaround strategies in the United States and internationally. It focuses on raising, investing, and managing third-party capital, originating and securitizing commercial mortgage loans. Since its inception, Equity Investors has participated in the investment of billions of dollars of equity in real estate assets.

Competitive Advantage

SW Redevelopment enjoys several advantages over its competitors. These advantages include:

Marketing Plan

Brand & value proposition.

The SW Redevelopment brand will focus on the Company’s unique value proposition:

  • Client-focused designs, where the company’s design and floor plans are aligned with the customer’s specific needs
  • Service built on long-term relationships and personal attention
  • Big-firm expertise in a small-firm environment

Promotions Strategy

The promotions strategy for SW Redevelopment is as follows:

Direct Mail

The company will market its newly renovated homes with beautiful marketing pieces that are sent to local residents and real estate agents.

Open House Events

The company will host creative and appealing open house events to attract top real estate brokers and potential home buyers. Events will be entertaining and include food and drink.

Website/SEO

SW Redevelopment will invest heavily in developing a professional website that displays all of the features and benefits of the company. It will also invest heavily in SEO so the brand’s website will appear at the top of search engine results.

Social Media

SW Redevelopment will invest heavily in a social media advertising campaign. The marketing manager will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

SW Redevelopment will resell its renovated homes at a competitive market price.

Operations Plan

The following will be the operations plan for SW Redevelopment.

Operation Functions:

  • Erin Briggs will be the President of the company. She will oversee all staff and manage client relations. She will also oversee all major aspects of the development and renovation projects.
  • Erin is assisted by Eva Reed. Eva will serve as the administrative assistant, helping out with all paperwork, phone calls, and other general administrative tasks for the company.
  • As the company grows and invests in new properties, Erin will hire several project managers to assist her.
  • Erin is also in the process of hiring teams of architects, designers, contractors, and other professionals needed to successfully flip and renovate each property.

Milestones:

The following are a series of steps that lead to our vision of long-term success. SW Redevelopment expects to achieve the following milestones in the following six months:

3/202X            Finalize lease agreement

4/202X            Design and build out SW Redevelopment

5/202X            Hire and train initial staff

6/202X            Kickoff of promotional campaign

7/202X            Launch SW Redevelopment

8/202X            Reach break-even

Financial Plan

Key revenue & costs.

SW Redevelopment’s revenues will come primarily from the earnings from property sales and revamping projects. More than half of the deals each quarter are expected to be design projects, and the rest will be from sales.

As with most services, labor expenses will be key cost drivers. Erin Briggs and future employees will earn a competitive base salary. Furthermore, the costs of transactions are projected to be roughly 45% of regular revenue and cover the advertising of listings, travel and supply costs for clients, and other direct costs for each deal.

Ongoing marketing expenditures are also notable cost drivers for SW Redevelopment, especially in the first few years as the company works to establish itself in the market.

Funding Requirements and Use of Funds

Key assumptions.

The following table reflects the key revenue and cost assumptions made in the financial model:

Financial Projections

Income statement, balance sheet, cash flow statement, house flipping business plan faqs, what is a house flipping business plan.

A house flipping business plan is a plan to start and/or grow your house flipping business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your House Flipping business plan using our House Flipping Business Plan Template here .

What are the Main Types of House Flipping Businesses?

There are a number of different kinds of house flipping businesses , some examples include: Single Family Home, Multi-unit Complex, and Multi-investor Flipping.

How Do You Get Funding for Your House Flipping Business Plan?

House Flipping businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a House Flipping Business?

Starting a house flipping business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A House Flipping Business Plan - The first step in starting a business is to create a detailed house flipping business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your house flipping business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your house flipping business is in compliance with local laws.

3. Register Your House Flipping Business - Once you have chosen a legal structure, the next step is to register your house flipping business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your house flipping business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary House Flipping Equipment & Supplies - In order to start your house flipping business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your house flipping business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful house flipping business:

  • How to Start a House Flipping Business

Other Helpful Templates

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House Flipping Business Plan

flip houses business plan

  • Free Business Plan Download
  • Do you need a Formal Business Plan?
  • Why write a Business Plan?
  • Components of a Business Plan

Executive Summary

  • Organizational Structure and Team
  • Strategies and Processes
  • Company Goals
  • Keys to Success

Download Our House Flipping Business Plan Template

House Flipper

Reason # 1 To Map Out the Future of Your Business

Reason # 2 to create a plan of action, reason # 3 to set quantifiable revenue & profit goals, reason # 4 to get funding from business partners & lenders.

  • Organizational Structure, Team & Operations Plan
  • Business Systems & Processes
  • Business Goals & Strateges

House Flipper

Organizational Structure

Business entity & structure.

House Flipping Business Plan Structure

Talk About Yourself

Talk about your team.

House Flipping Business Plan Team

Business Strategies & Processes

Market strategy, targeting your ideal house flip, leads & acquisition strategies.

House Flipping Business Plan Leads and Acquisitions

Deal Due Diligence

House Flipping Business Plan Due Dligence

Project Management Strategies

House Flipping Business Plan Construction Management

Business Goals & Forecasts

3 to 5 year financial plan, project goals.

House Flipping Business 5 Year Outlook

Revenue Goals

Profit goals, keys to success and meeting your goals, project team/strategic hires, strategic partnerships/relationships, business systems, ready to take action.

Real Estate | How To

How to Start a House-flipping Business in 7 Steps (+ Free Download)

Published October 18, 2023

Published Oct 18, 2023

Gina Baker

REVIEWED BY: Gina Baker

Melanie Patterson

WRITTEN BY: Melanie Patterson

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  • 1 Prepare a Real Estate Investment Business Plan
  • 2 Set Up Your House-flipping Business Operations
  • 3 Find Financing Sources for Your House-flipping Business
  • 4 Hire the Right House-flipping Professionals
  • 5 Identify the Right Properties to Fix & Flip
  • 6 Create a Marketing & Lead Generation Plan
  • 7 Buy, Rehab, Market & Sell Properties
  • 8 Mistakes to Avoid When Starting Your Own House-flipping Business
  • 9 Frequently Asked Questions (FAQs)
  • 10 Bottom Line

Before taking any house-flipping steps, it’s crucial to lay a strong foundation. This base involves creating a comprehensive business plan encompassing operational setup, team recruitment, property evaluation, securing funds, and the flipping process. To aid in this endeavor, we offer a free template and seven critical steps on how to start a house-flipping business to help you craft a solid strategy and ensure your venture’s success.

If you landed here looking for information on where to find fix-and-flip houses, see our article, How to Find Houses to Flip for Profit in 7 Ways .

1. Prepare a Real Estate Investment Business Plan

Before taking any steps to buying and flipping houses, you need a business plan with specific strategies that pertain to the fix-and-flip business model. A business plan provides a roadmap for how many projects you’ll need to take on, how much profit you need to generate, and funding details that will keep you on track to meet your goals. A clear plan also demonstrates professionalism to lenders and investors when seeking funding.

Use our real estate investment business plan and complete the following information to get started:

  • Write mission and vision statements
  • Conduct a SWOT analysis (strengths, weaknesses, opportunities, and threats)
  • Set specific and measurable goals
  • Write a company summary
  • Conduct a market analysis

However, in addition to items from a general investment business plan, a strong house-flipping business plan includes detailed information about this unique business model. Make sure your plan also includes the following:

  • Types of properties: Such as single-family homes, duplexes, or multifamily properties.
  • Geographic area: The specific locations and neighborhoods where you want to invest.
  • Who’ll do the work: Decide if a contractor does the work, you hire a team of specialists, or if you’re doing the work yourself.
  • Project timeline: The projected timeline to complete the flip and a six-month margin for inevitable delays.
  • Number of projects: How many projects you can realistically manage and complete during the course of one year.
  • Financial plan and sources: Define your financing sources and include all costs such as materials, labor, carrying costs (taxes, insurance, utilities, mortgage principal and interest), marketing, and real estate agent commission.
  • Expected return on investment (ROI): This figure should include actual calculations, not just a goal. It’s common for flippers to aim for an ROI of 20%. However, returns will vary depending on the location, property values, and the current real estate market conditions.

Use our free template below to write your house-flipping plan and start your business on the right foot:

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2. set up your house-flipping business operations.

While many think flipping houses is solely about buying, renovating, and selling, it’s crucial to establish the proper business foundation for long-term success. This step involves choosing the correct legal entity, like an LLC, registering your business, and creating separate bank accounts. Consulting professionals, such as attorneys and accountants, ensure you set up your entity correctly. Proper business operations keep your enterprise organized, efficient, and legally compliant.

Choose the Right Business Entity

When launching your house-flipping business, selecting the appropriate legal structure and registering it with your state creates a separation between your personal and business assets—safeguarding you in case of business-related liabilities. For instance, if someone gets injured during a demolition, they can sue your company. Still, it creates a hedge from them suing you personally.

Common entity types for investing in real estate include DBA (doing business as), S Corp (subchapter or small business corporation), LLC (limited liability company), and sole proprietorship (the lowest form of legal protection). You must consult with your accountant and attorney as part of your learning how to start a house-flipping business to determine the best fit for your business since this also ties into your financial situation and varies by person.

Read our guide on How to Start a Real Estate Holding Company in 6 Steps for more details.

Register Your Business With the IRS & Obtain Permits

Apart from your legal business entity, you must register your business with the Internal Revenue Service (IRS) and get an employee identification number (EIN) . An EIN identifies it as a business entity. Make sure to also check with your state and local municipality for what other business licenses and permits you may need, such as building permits, change of use, or special exceptions to zoning ordinances.

Section two of the IRS online application for an EIN.

Conveniently apply online (Source: U.S. Internal Revenue Service )

Open a Business Bank Account

With your EIN, you can open a business bank account . Keeping your personal and business money separate is essential to protecting your livelihood and staying legally compliant. Having this account up and running is crucial when starting a flipping business.

For example, you’ll be spending money on gas when looking for properties; all business expenses should come from the same account. You also need to pay your newly hired attorney and accountant. Managing your business account and costs will eliminate auditing from the IRS and complications when your accountant does your taxes.

A bar chart and financial reporting in the Analytics and Reports dashboard.

Analytics in the Baselane dashboard (Source: Baselane )

With Baselane’s analytics and reporting capabilities, gain real-time insights into your property’s performance, such as cash flow, profit and loss (P&L), capital expenditures, carrying expenses, and transfers. Streamline the consolidation of your investment property’s financial data from both your business banking and external accounts, all within a single, user-friendly platform.

Visit Baselane

Pro tip: Once your business bank account is up and running, consider applying for a business credit card —a valuable tool for acquiring building materials and office supplies without any upfront costs. Some business credit cards offer perks like cash back, which saves on your upfront costs. Some provide a 30-day to 18-month interest-free period, allowing you to manage expenses more effectively.

3. Find Financing Sources for Your House-flipping Business

A common question in house flipping is how to begin with no money. While you’ll need some funds to buy properties, many flippers don’t use cash for the entire process. They typically secure financing through hard money lenders or specialized loans for house flippers.

The two most common ways to get into the flipping homes business are:

  • Hard money loans : These loans offer faster approval and funding times than traditional mortgages. The borrower qualifications are more lenient but with shorter loan terms and higher interest rates.
  • Rehab loans: These include home equity lines of credit (HELOCs), HomeStyle renovation mortgages, 203(k) rehab loans, or CHOICERenovation loans. They require a lower down payment but also have more extensive criteria and paperwork.

If you have a construction or real estate background, you can join investment groups and find investors willing to put up some cash. It’s easy to find local events and groups for investors by searching on Google or Meetup.com.

A Meetup.com directory of real estate investment groups.

Real estate investor groups (Source: Meetup )

Remember that the costs to flip a house vary depending on the individual property, its condition, prices of repairs, and the real estate market. Learning how much money you need to flip a house and how much money you can make by flipping houses can be complex. Still, getting the right financing and maximizing your profits is necessary.

Creating a budget and calculating each project is an important part of your house-flipping checklist. Use the free house-flipping calculator to generate your potential profits when shopping and evaluating potential properties.

4. Hire the Right House-flipping Professionals

When starting as a house-flipper, remember the significance of your professional network for your business plan. Flipping houses isn’t a solo venture; you’ll collaborate with experts like lawyers, accountants, real estate agents, and contractors. These professionals provide valuable insights and guidance for successful house flips, making the difference between a lucrative investment and a costly mistake.

Some important house-flipping pros to hire include:

  • Real estate attorney: Manages legal aspects, ensures compliance with local laws, and drafts contracts.
  • Accountant: Helps with business structure, filing house-flipping taxes , expense tracking, and financial advice.
  • Real estate agent: Offers industry insights, local connections, and accurate market data.
  • General contractor (GC): Oversees rehabs, ensuring quality and reducing errors.
  • Administrative assistant: Assists with tasks and project management as your business grows.
  • Handyperson: Handles smaller jobs, saving time and costs.
  • Landscaper: Enhances curb appeal for higher ROI.
  • Architect (for large projects): Ensures structural integrity and avoids costly issues.

The most trusted way to find experts is through referrals. Suppose other real estate investors or agents in your network succeeded with a professional. In that case, it’s more likely that you’ll also have a smooth experience with them. However, you should still check them out and vet them with an interview or meeting to ensure you choose the right professionals. In the long run, spending time and effort to choose an expert saves you time, money, and stress.

Pro tip: Building and utilizing your network is crucial for success in house flipping. A strong network can connect you with the right professionals, making it easier to find deals and resources. Your network provides valuable insights, market knowledge, and support from experienced individuals who can guide you through the process and help avoid common pitfalls. Additionally, networking can lead to partnerships and opportunities for collaboration, enabling you to scale your house-flipping business effectively.

5. Identify the Right Properties to Fix & Flip

Before jumping into a purchase, begin by evaluating potential properties to flip. Run a comparative market analysis (CMA) on properties or have a real estate agent run one to determine the value and calculate the return on investment (ROI). Evaluate each property within its neighborhood, location, and real estate market context.

When learning how to find houses to flip , some essential factors to evaluate include:

  • Location: Pick nearby properties for easy site visits.
  • Neighborhood: Choose desirable neighborhoods for curb appeal.
  • Amenities: Houses near parks, schools, and other establishments attract buyers.
  • Structural issues: Avoid costly structural problems.
  • Value-add repairs: Research profitable upgrades like kitchens and bathrooms.
  • Property size: Focus on square footage over the floor plan.
  • Outdoor space: Properties with outdoor areas tend to yield higher returns.

Did you know? The potential return on investment (ROI) in a house-flipping business can be significant. Investors purchase distressed properties at a lower cost, renovate them to increase their market value, and then sell them at a higher price, resulting in a profit. ROI percentages vary widely, but successful flips can yield returns ranging from 10% to 100% or even more of the initial investment , depending on location and other factors. However, house flipping comes with risks, such as unexpected renovation costs or market fluctuations, so thorough research and proper planning are crucial to maximize ROI and minimize potential losses.

6. Create a Marketing & Lead Generation Plan

Setting up a successful house-flipping business involves some marketing and real estate branding . While a complex marketing funnel isn’t necessary initially, a well-crafted marketing strategy ensures a steady influx of new projects for your house-flipping business.

Marketing Your Fix & Flip Business

Having foundational marketing elements is crucial for projecting professionalism, building your reputation as a reliable home flipper, and marketing your newly renovated properties, especially if you seek funding. Lenders see your professionalism and experience as favorable.

Consider starting your business with these marketing elements :

Logo: A quality logo distinguishes your brand and is useful across future marketing materials.

An example of a house flipping logo.

Business cards: Affordable and handy for networking; consider adding QR codes for website access.

An example business card for investors, contractors, and house flippers.

Website: A simple, one-page site effectively communicates your identity, services, and contact information.

A colorful website with a house, shown on mobile, tablet, laptop, and desktop.

Gmail business email account. (Source: Google Workspace )

Business email: Use your website domain for a professional email address, boosting your image.

An array of customizable Canva business card templates.

Business card templates (Source: Canva )

As you dive into house flipping, consider expanding your marketing with tools like social media and email campaigns. Canva, a versatile and user-friendly design platform, offers templates for various needs, from social media posts to postcards and letterheads. It’s a go-to tool for business owners, making it easy to create diverse marketing materials, both digital and print.

Visit Canva

Lead Generation Strategies for Your Business

Additionally, you will need to consistently generate potential renovation projects and motivated sellers. Many beginners use listing platforms like Zillow to find houses to flip, which offers versatile search filters to refine property searches based on your chosen criteria.

Homeowners opting to sell without agents often use FSBO.com ( For Sale By Owner ), Craigslist, or Facebook Marketplace. Foreclosed and bank-owned properties typically appear on websites like Foreclosure.com or the government’s HUD Homes site. These properties are appealing to investors for their potential to offer significant discounts and investment opportunities. Generate leads and learn how to find cheap houses to flip, start with the following resources:

7. Buy, Rehab, Market & Sell Properties

Once you have all the right business strategies and structures in place, the bulk of your work as a house flipper comes to buying, renovating, and selling properties. As soon as you close on your property, you’ll have monthly carrying costs that can add to your planned expenses. Therefore, the more efficiently you can complete the flip, the higher your profits.

The process of making money flipping houses goes like this:

  • Close on the investment property: Buying an investment property is different than purchasing a primary home, so make sure you know how to determine a budget, evaluate properties, and choose the right lender. Depending on your financing, closing on the property can take 15 to 45 days.
  • Make all repairs, renovations, and upgrades: Repairing a fix-and-flip property will take the most time. You or your general contractor should manage the timeline, remembering that delays increase your carrying costs.
  • Market the property for sale: There are endless ways to generate excitement about your property and increase the sale price. For some ideas, read 21 Real Estate Marketing Ideas & Strategies . Although these strategies are aimed at agents, they are equally effective for home flippers.
  • Sell the property: Working with a real estate agent is often the most efficient way for flippers to sell their properties since they manage communications with the buyer’s agent and lender and often schedule the necessary appointments. However, many flippers choose to get a real estate license to gain access to the MLS and save even more on fees.

The Colibri Real Estate platform showing how to navigate a course.

Course platform (Source: Colibri Real Estate )

Experienced house flippers often handle their property transactions to reduce expenses. You can conveniently pursue a real estate license through online schools like Colibri Real Estate, which offers comprehensive courses, instructor support, e-books, live Q&A sessions, and exam prep tools with a pass guarantee. Colibri Real Estate, an accredited education provider, has assisted countless agents and brokers nationwide in obtaining their licenses, enhancing profit opportunities.

Visit Colibri Real Estate

Mistakes to Avoid When Starting a House Flipping Business

Every beginner inevitably makes mistakes while building their business. For house flippers, there are some definite learning curves, and every new project presents unique challenges. However, the more mistakes you can avoid in the beginning, the more efficiently you’ll be able to build your flipping business and generate a strong ROI.

Some mistakes to avoid when flipping houses include:

  • Overestimating your abilities: Avoid taking on major electrical work or plumbing tasks if you lack the necessary skills. It can lead to costly mistakes.
  • Lacking a team: House flipping often requires collaboration with contractors, real estate agents, and other professionals. Trying to do it all alone can lead to delays and errors.
  • Overspending on renovations: Going over budget can eat into your profits. Plan carefully and prioritize cost-effective improvements.
  • Buying a flip far away: Distance can make managing the project effectively and promptly responding to issues challenging.
  • Not understanding the numbers: Accurate financial calculations are crucial. Failing to grasp costs and potential profits can result in financial setbacks.
  • Being unprepared for the unexpected: House flips often encounter unexpected issues, such as hidden structural problems. Have a contingency plan and budget for surprises.

Frequently Asked Questions (FAQs)

What is the 70% rule in house flipping.

Real estate investors use the 70% rule in house flipping to determine the maximum purchase price for a property to ensure a profitable flip. According to this rule, investors should not pay more than 70% of the property’s after-repair value (ARV) minus the estimated repair and carrying costs.

How much money do you need to start flipping houses?

The initial capital needed for house flipping varies due to location, property type, and your specific flipping houses business plan. Generally, having access to $20,000 to $50,000 is a good starting point. This budget should encompass property purchase, renovation, carrying costs (like taxes and utilities), and contingencies for surprises. Access to financing options, such as loans or partnerships, can also affect your capital requirements.

How many houses a year can you flip?

The number of houses you can reasonably flip in a year depends on various factors, including your experience, team, resources, and local market conditions. On average, experienced house flippers may aim for two to five flips yearly. Beginners may start with one to two flips annually. Scaling beyond these numbers often requires a well-established operation, access to financing, and efficient project management.

Bottom Line

Learning how to start a house-flipping business begins with a strong business plan. It also starts by setting up the right legal and financial systems to set yourself up for success as the business grows. Successful home flippers also create a network of professionals to get their flips done properly and implement strategic marketing and lead generation systems. After following this step-by-step guide, your house-flipping business will be ready to generate strong profits.

About the Author

Melanie Patterson

Find Melanie On LinkedIn

Melanie Patterson

Melanie is a real estate expert at Fit Small Business, specializing in real estate business development for new and seasoned agents, property managers, and real estate investors. She has over 30 years combined experience in real estate sales, marketing, property management, and investing and is a licensed real estate agent in NH & MA.

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How to Start a House Flipping Business in 5 Simple Steps

Flipping houses is hard work with a huge potential return on investment. Start making money and improving the neighborhood at the same time.

We’re here to teach you where to start – from showing you where to find inspiration to making sure your business can operate legally.

5 Steps to Start a House Flipping Business

Flipping houses might seem intimidating. But it’s much easier if you follow this formula:

  • Establish a vision
  • Understand your financing
  • Make connections

How to start a house flipping business in 5 easy steps.

The Easy Parts of Starting a House Flipping Business

One of the best parts about starting a house flipping business is that there are incredible opportunities for a high ROI.

With other businesses, this isn’t always the case. You may invest a ton of time and money into creating a product, only to find out that there isn’t as large of an audience for it as you thought.

Or, you may have to make hundreds of sales to see a significant profit. With house flipping, this isn’t the case.

People are always buying houses, and there are many tried and true ways to increase the value of a house. Most successful flippers can expect to see a minimum profit of at least 10% of the sales price.

Not only that, but you can analyze the housing market to determine the best times and places to buy. Unlike other businesses, there is a ton of easily accessible data about the current state of the market and how to best optimize it.

Finally, while real estate markets differ from city to city and region to region, you can start a house flipping business just about anywhere. People buy houses in every city and county in the US.

The Difficult Parts of Starting a House Flipping Business

Buying your first property isn’t as simple as finding a house with potential and putting in an offer. 

To run a house flipping business, it is essential to get a good grasp on the nitty-gritty financial details. There are a ton of different factors that go into this, from understanding investment property loans to thinking critically about how to manage your finances.

You’ll want to make sure that you can afford to invest a chunk of money into buying properties, as well as have enough money to sustain yourself while you’re renovating. Not only that, but you’ll need to ensure that with all of your work, you get an ROI that is with your time.

As a brand new business, you likely won’t be eligible for a traditional bank loan. The bank will most likely need to see that you have a consistent pattern of buying and selling over time for you to be eligible. Instead, when you’re just starting off, you can try a few different options.

First, you could opt for a hard-money loan. Hard-money loans come from private funding from investors or individuals. Unlike more traditional bank loans, your credit score and income do not play as large of a role.

Essentially, the house you purchase would serve as collateral and could be seized by your investors if you don’t pay back your loan. These loans are some of the easiest to obtain, but this convenience comes at a price. They are typically more short-term, typically ranging anywhere from 6 months to 5 years to pay it back, and usually also have higher interest rates.

Another option is a home equity loan, otherwise known as a HELOC. These are frequently considered to be a “second mortgage.”

Essentially, you can take some of the money you have put towards paying off your home and use it to finance your loan for the house you are planning to flip. However, to get this, it is essential to have a low debt-to-income ratio, as well as great credit.

This is a more affordable option since the loans for these typically have low-interest rates, but you will need to be cautious when potentially choosing this option. If you are unable to make payments, you could be putting your personal home at risk.

Finally, you could opt for a loan from your friends or family. This can be an excellent choice for beginner house flippers. They are less formal, which can be nice, but it is also important to quickly establish the terms of the loan before getting too far along in the buying process.

Take some time to think about which loan would work best for you and move on from there. Remember, it is also possible to use “combination financing” meaning that you choose multiple options to finance your business.

Step 1: Establish a Vision

Begin by researching the many different ways people approach house flipping businesses, and then lay out exactly how you want yours to look.

Seek Inspiration from Experts

House flipping has been on the rise in the last few years, meaning that there are plenty of individuals and teams to gain wisdom from. As you start your business, take time every week to learn from your fellow house-flippers.

One of the most time-conducive ways to do this is to listen to podcasts – whether on your drive to your day job or while you’re cooking dinner. This will help you find community, get advice, and keep up with the latest trends in the business.

Some of the most popular house flipping podcasts include:

  • 7 Figure Flipping with Bill Allen
  • The Flip Talk Podcast
  • Investing in Real Estate
  • Flipping Houses for Rookies
  • BiggerPockets Business Podcast

If you need a break but still want to get inspired, a few episodes of HGTV house flipping shows never hurt anyone. However, your own house flip will sadly not start and end within the span of an hour.

Write a Business Plan

Before you launch into the house flipping process, you’ll want to spend some time devising a business plan. A business plan is a detailed document that consists of many different elements, including your company name and description, mission statement, budget, market analysis, and more.

Business plan example on notepad with pen and cup of coffee image.

The process of creating this document will be an excellent way to steer your business as you establish yourself and start to grow. Not only that, but if you’re ever feeling lost along the way, you can come back to your business plan to refocus and start hitting milestones again.

If this feels overwhelming, fear not! The Quick Sprout team has devised a step-by-step guide to help you write your business plan. 

Step 2: Research

If you’re reading this post, you already have a head start on this! However, there are a few extra steps you’ll have to take.

Look at national trends

This is one step that you’ll want to repeat over time. National trends in the housing market can be incredibly informative about what your next move as a house flipper should be. For example, right now, prices for houses have gone up exponentially.

This means that it may be more expensive to find a house to purchase, but that the improvements you make could have an even higher ROI than normal.

Learn about property potential

Now, take the previous step and localize. Set aside some time to investigate what the property scene looks like in your region, state, and county.

Try going on Zillow, Trulia, and Redfin to see what houses are selling for in the neighborhoods around you. This will help you get more familiar with what you have to work with and get the gears turning when it comes time to find potential properties. 

Zillow search example.

Read about popular renovations

Above all else, the goal of flipping houses is to provide value for your customers and to get as much ROI as you can. Do some quick Googling to find out what renovations will increase the value of your property the most.

Plus, think about what you have looked for when it comes to purchasing houses of your own. It’s hard to go wrong with installing wooden floors and updating the kitchen and bathrooms.

Then, take it a step further and brush up on your handyman skills by doing practice projects in your own home.

Step 3: Legality

Before you officially launch your business, there are several steps to take to establish your legality.

Apply for an EIN

An employee identification number, also called an EIN, is essentially a social security number for your business.

This ensures that the government is aware that your business exists. It’s required to open a business bank account, apply for a business license, file your tax returns, and even apply for traditional loans.

Apply for an employer identification number (EIN) online page.

Luckily, it only takes a few minutes to apply on the IRS website.

Choose a business entity 

To legally operate your business, you’ll need to choose a business entity, as well as register it in the state where you are planning to conduct business. The best choice for most people who are operating house flipping businesses is an LLC, or a Limited Liability Company. 

To put it simply, LLCs draw a line between your business assets and your personal assets. This means that if you run into any legal or financial troubles, there is a much lower chance that your possessions can be seized for collateral. In addition, LLCs are easy to register online and are more flexible when it comes to taxes. 

Use a business formation service to get all of this paperwork taken care of early on. This is going to make it much easier moving forward as you want to expense things and keep your personal assets out of trouble.

Other options include registering as a sole proprietorship or a corporation. A sole proprietorship is even easier to set up than an LLC and does not require registration. Instead, owners will have to file their taxes on their personal tax returns. Unfortunately, this does not offer liability protection.

The other option, a corporation, does offer liability protection, but is much more expensive to establish, and has other requirements, such as having annual meetings and a board of directors.

Obtain licenses and permits

These will change based on the state you are operating out of, so make sure to research the specific requirements for you. Most of this information can be found by speaking with your local chamber of commerce, or even just a quick Google search. You can expect to need several permits, since construction is essential to flipping houses.

Step 4: Understand your financing

It’s big and it’s ugly, but it’s necessary. Before you launch into your business, you’ll need to make sure that you can afford it, as well as protect your assets.

Consider meeting with your accountant (or hire one!)

Anytime you start a new business, a good accountant will be an important ally.

As we discussed previously, house flipping businesses involve moving around a lot of cash – from getting loans to purchasing equipment to hiring professionals to actually selling the homes.

An accountant can work with you in order to determine your budget, as well as help you plan for the future. 

Get insured

One of the best ways to make sure that you can responsibly retain your finances no matter the situation is getting the correct insurance. There are a variety of insurance options that could be beneficial to purchase.

Image of person cusping hands over a model building.

General liability insurance: If you don’t get any other insurance, make sure to get this one. General liability insurance covers bodily injury, property damage, medical payments, legal defense and judgment, and more. This is the most common insurance that business owners invest in across the board.

Commercial property insurance: This type of insurance can help to cover equipment costs. If there was a natural disaster and you lost your whole collection of machinery, you would be able to file a claim to receive financial help in order to replace it.

Commercial auto insurance: If you have a car or truck you use primarily for business, it could be worth it to invest in commercial auto insurance. Between using cars to pick up supplies and haul furniture, it can be an essential part of your business, which means that it should get insured.

Step 5: Make connections

There are so many factors that go into flipping houses, from buying to fixing them to selling them again. To best succeed, you’ll have to gather your forces and build an Avengers-worthy team.

Real Estate Agent

You will want to spend some real time and energy when it comes to finding a real estate agent you love. Odds are, you’ll be working with them extensively, and ideally over multiple projects. 

A trusted real estate agent can help you choose the right location to flip a house. They will be able to expertly evaluate neighborhoods and analyze what the expected resale value of the properties will likely be. Not only that, but they’ll help you to actually buy and sell the property.

Contractors

For those who want to have a house flipping business, but not do all of the on-site construction, this is for you. It could be valuable to hire a general contractor to lead the project, especially if you are flipping multiple homes at once. 

Hiring a contractor would likely escalate the cost of doing business, though. The contractor would probably mark up prices in order for them to ensure that they are also profiting off of this partnership. 

The bottom line: If you can renovate the house alone or with a small team, do it, but if not, help isn’t far – for a fee.

Legal counsel

When it comes to real estate, there is no shortage of opportunities for issues in legality to arise. Having trusted legal counsel will help to navigate the many documents and contracts you will have to look through, as well as ensure that your properties meet the legal standards for the area.

By investing in this team, you’ll be able to get credible opinions as you move through every facet of the buying and selling process.

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Business Plan Template

Free house flipping business plan template.

Are you confident about making smart financial decisions for your house flipping project? Create a clear path to success with our Free House Flipping Business Plan Template. Getting organized and creating a house flipping checklist can help you determine costs, project timelines, and help streamline the house flipping process. If you’re wondering how to get started flipping houses for a living, this template is a great starting point to create your business plan for flipping houses.

Complete the form on the right to subscribe to our email list. Once you subscribe, our free, editable business plan for flipping houses template will be sent directly to your inbox. This may be the most important part of your house flip — after all, you can’t build a house without a foundation, and starting a flipping business is no different!

Benefits of Writing a a Business Plan for Flipping Houses:

  • Create a clear overview of the project to get your team on the same page
  • Avoid disorganization
  • Predict challenges
  • Stay focused on your profits
  • Prepare impressive professional documents for lenders, contractors, and inspectors
  • Keep your project on track and stay ahead
  • Improve your chances of getting approved for a loan
  • Show partners that you’re serious

Request your Free House Flipping Business Plan Template today by filling in the form to the right and start flipping houses.

flip houses business plan

Free Business Plan Template

flip houses business plan

How to Flip a House

The real estate buy and flip model is one of many investment strategies used by real estate investors. This strategy involves analyzing markets, placing offers, buying property, and making any necessary repairs (called rehabbing ), then marketing and selling the property for profit .

Learn how to start your own House Flipping Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

House Flipping Business Image

Start a house flipping business by following these 10 steps:

  • Plan your House Flipping Business
  • Form your House Flipping Business into a Legal Entity
  • Register your House Flipping Business for Taxes
  • Open a Business Bank Account & Credit Card
  • Set up Accounting for your House Flipping Business
  • Get the Necessary Permits & Licenses for your House Flipping Business
  • Get House Flipping Business Insurance
  • Define your House Flipping Business Brand
  • Create your House Flipping Business Website
  • Set up your Business Phone System

We have put together this simple guide to starting your house flipping business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

  • What are the startup and ongoing costs?
  • Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our House Flipping Business Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

  • Your state's business records
  • Federal and state trademark records
  • Social media platforms
  • Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your house flipping business?

Business name generator, what are the costs involved in opening a house flipping business.

A buy and flip investor needs a considerable amount of capital to get started. Costs include funding for buying a property, rehabbing the property, paying a broker, and any other costs associated with the buy and flip process. An investor will also need to pay marketing costs and fees associated with maintaining a business.

What are the ongoing expenses for a house flipping business?

Home flippers will typically need to pay closing costs, real estate fees, and title fees on top of ongoing renovation costs. Most financial benefits for home loans are for conventional buyers only. Home flippers will typically pay full interest rates as well as capital gains on the property they sell. Homes held for less than a year are taxed at the same rate as normal income. Homes held for longer than a year can range from 0% – 20%, based on the flipper’s total income.

The expenses of a buy and flip business typically include:

  • Costs of buying properties
  • Rehab costs
  • Broker’s fees
  • Marketing costs
  • Costs of maintaining a business

Who is the target market?

A buy and flip investor works with property owners/sellers on one end, and on the other end, sells the property to a buyer who wants to buy it as their primary residence . A good property owner/seller is one who is urgent in his/her need to sell their property. This urgency can be the result of a number of factors, like:

  • Desire to move quickly
  • Desire to get out of a mortgage
  • Other factors that may be causing stress, typically financial

A buy and flip investor can offer sellers a mutually beneficial arrangement, whereby the investor acquires the property and the seller's stress is alleviated.

After purchasing and rehabbing a property, it is typically sold   A good buyer-investor is someone who is very interested in purchasing the particular type of property the buy and flip investor has for sale. Buyers are most preferred when they are well-funded, as they can make stronger offers to the buy and flip investor.

Personal buyers are interested in purchasing properties to use as their personal residence or place of business. These customers may be great customers for buy and flip investors, as their personal attachment to properties may make them more willing to spend big to secure the property.

How does a house flipping business make money?

Buy and flip investors make their money when they sell the property in order to profit on their investments. A savvy investor will look for investment properties that are profitable without any market appreciation (the increase in the value of property). A buy and flip investor’s profit is calculated as follows:

Profit = Sale Price of Property - (Purchase Price of Property + Rehab Costs + Auxiliary Costs)

For example, if an investor purchases a home for $50,000, and rehab costs add up to $30,000, the investor will have put $80,000 into the property. If the investor sells the property for $150,000, the investor will have made $70,000 profit.

Most investors operate under a general rule: when flipping property, you make your money when you buy. That is to say, it is best practice not to buy properties with the expectation that rehab and/or an increase in market value will justify your investment. It is best to buy a property well under current market value, which will leave plenty of room for a return on investment after rehab and auxiliary costs (like marketing, commission, etc.) are factored in.

The price that a buy and flip investor charges for a property is usually similar to the price other properties in the area are selling for. Of course, these prices are subject to change, and an investor can sell a property for more based on the buyer’s offer.

How much profit can a house flipping business make?

A buy and flip business’ profit is linked directly to the number of properties it can sell and the profit the returns it makes on investments. Home flippers can make hundreds of thousands of dollars a year once they establish themselves in the business. Even a 20% profit on a $100,000 home is still $20,000. A flipper would only need to flip five homes a year at that rate to hit six figures.

How can you make your business more profitable?

A buy and flip investor makes more profit by buying properties at the lowest cost possible and flipping them for as much profit as they can. If the investor spends far less than he/she makes, he/she will see bigger profits.

Another smart way to increase profits is to consider holding properties for a little time before flipping them. If an investor holds a property and receives rent payments for a short to moderate period, he/she may then be able to flip the property and make even more money out of the investment.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your house flipping business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

  • Separates your personal assets from your company's assets, which is necessary for personal asset protection.
  • Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

  • Separate personal and business expenses by putting your business' expenses all in one place.
  • Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a house flipping business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Broker’s License

If you plan to sell your properties yourself, you may need a broker’s license. Requirements for obtaining a broker’s license vary by state. These requirements typically include the prior attainment of a real estate agent license, hours in the workforce, coursework, and the successful completion of a broker’s license exam.

  • Overview of different real estate roles and certifications

For information about local licenses and permits:

  • Check with your town, city or county clerk’s office

Get assistance from one of the local associations listed in US Small Business Associations directory of local business resources .

Services Contract

Real estate investing businesses should require customers to sign a services agreement before starting a new project. This agreement should clarify customer expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and eventual property ownership. Here is an example of one such services agreement.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your House Flipping Business needs and how much it will cost you by reading our guide Business Insurance for House Flipping Business.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a house flipping business

A buy and flip investor may choose to use a wholesaler to find and negotiate deals on his/her behalf. If this is the case, the buy and flip investor will need to market their business to wholesalers who can help facilitate the purchasing process. This can be accomplished through traditional print marketing, digital marketing, he use of social media, and networking.

On the other hand, if a buy and flip investor is not a broker, he/she may want to enlist the services of a broker. A broker can advertise the investor’s properties on the multiple listing service (MLS), which is a great marketing tool for real estate properties (though it is not available to everyone).

How to keep customers coming back

Building up your reputation as a reliable flipper can make it easier to sell future homes. The more people know that they can depend on the longevity and quality of the work you do, the more likely it is your homes will sell for the asking price.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

  • All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
  • Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
  • Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

TRUiC's Startup Podcast

Welcome to the Startup Savant podcast , where we interview real startup founders at every stage of the entrepreneurial journey, from launch to scale.

Is this Business Right For You?

The buy and flip investor needs to spend a good amount of time working on each investment. Therefore, a good investor will be a committed and well-organized one. A solid understanding of the real estate market in your area will be crucial, as you need to understand what makes a property a good investment based on your goals and objectives.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a house flipping business?

A buy and flip investor will need to learn the market value, buying process, rehab process, and marketing and selling process. Buy and flip investors spend a majority of their time in the rehab portion of projects, but there’s more to it. Here’s some of the activities that an investor might do:

  • Search for properties that are available to purchase either on the multiple listing services or off-the-market properties
  • Work with traditional lenders, private lenders, hard money lenders, etc. to secure financing for purchases
  • Constantly build a list of real estate wholesalers and bird dogs
  • Make offers on properties
  • Close on offers
  • Constantly establish a list of contractors
  • Rehab properties, which includes, but is not limited to :
  • Electrical repairs
  • Structural repairs
  • HVAC repairs
  • Landscaping
  • Market the properties
  • Establish a list of title companies to ensure title is valid and issue title insurance
  • Find a real estate broker to help with the sale
  • Sell the properties

Buy and flip investors will spend more time on different tasks depending on where they are in the investment process, but all of these tasks will be important.

What are some skills and experiences that will help you build a successful house flipping business?

A buy and flip investor needs to be a good planner and a patient businessperson. Buying and flipping comes with big costs and can take a long time. As such, an investor needs to be okay waiting on an investment to pan out. An investor also needs to have a good understanding of the market in their area. Many buyers make the mistake of overpaying for a property. A savvy investor knows how to pick out a good deal to ensure that the investment is a successful one.

A good buy and flip investor also has a good group of contacts with which they can network. Networking is essential as buy and flip investors rely on many different people in the investment process. From wholesalers to electricians, real estate brokers to lenders, a buy and flip investor needs a reliable team.

It is also not a bad idea for a buy and flip investor to learn about building repairs. Repairs can be very costly and scheduling in a way that accommodates both parties can prove difficult. Knowing how to do a few repairs on your own can help you save money and get projects done in a pinch.

What is the growth potential for a house flipping business?

A real estate buy and flip business is only limited by the number of properties an investor can flip. Buy and flip investors can reinvest all or some of their profits into the purchase of more (or more expensive) properties to flip.

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Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a house flipping business?

A successful buy and flip investor will flip multiple properties. Doing so, however, may open you up to potential personal liability. An LLC may give you added protection from personal liability.

Many real estate investors have taken the approach of forming an LLC for each property they will buy and flip. Each buy and flip property in an LLC creates a legal barrier, a legal separation, from one property to the next. Any lawsuits, claims, or matters challenging a buy and flip property is a contained matter for that LLC alone.

How and when to build a team

A good buy and flip investor will build a team of contacts to use in the long process of buy and flip investing. This team will include lenders or investor-partners (if the investor is not using personal money), wholesalers to help find leads, brokers to help sell the properties, and contractors. An investor doesn’t need to use the same contractors, but finding a group of reliable contractors can help you ensure your projects are done well and quickly.

Useful Links

Industry opportunities.

National Real Estate Investors Association

Additional Sources

  • Bigger Pockets, a real estate investing community
  • Flipping Houses: The Ultimate Step by Step Guide

Have a Question? Leave a Comment!

House Flipping Business Plan Template & Guidebook

Are you a new house flipper looking to succeed in the competitive real estate market? Downloading our The #1 House Flipping Business Plan Template & Guidebook is the first step towards making your home flipping dreams a reality. This guidebook provides everything you need to create an effective and comprehensive business plan, from developing your strategy and setting realistic goals, to financing and marketing your business. Find out how this essential tool can help you make smart decisions as you get started flipping houses.

Nick

Get worry-free services and support to launch your business starting at $0 plus state fees.

  • How to Start a Profitable House Flipping Business [11 Steps]
  • 25 Catchy House Flipping Business Names:
  • List of the Best Marketing Ideas For Your House Flipping Business:

How to Write a House Flipping Business Plan in 7 Steps:

1. describe the purpose of your house flipping business..

The first step to writing your business plan is to describe the purpose of your house flipping business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a house flipping business:

Our mission is to acquire, renovate, and resell homes in a way that maximizes profit while preserving and adding value to the local community.

Image of Zenbusiness business formation

2. Products & Services Offered by Your House Flipping Business.

The next step is to outline your products and services for your house flipping business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

  • What is my business?
  • What are the products and/or services that I offer?
  • Why am I offering these particular products and/or services?
  • How do I differentiate myself from competitors with similar offerings?
  • How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

Image of Zenbusiness business formation

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your house flipping business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your house flipping business includes the following elements:

Target market

  • Who is your target market?
  • What do these customers have in common?
  • How many of them are there?
  • How can you best reach them with your message or product?

Customer base 

  • Who are your current customers? 
  • Where did they come from (i.e., referrals)?
  • How can their experience with your house flipping business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

  • How does it work, what features does it have, and what are its benefits?
  • Can anyone use this product or service regardless of age or gender?
  • Can anyone visually see themselves using this product or service?
  • How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

  • Which companies are competing with yours today (and why)? 
  • Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
  • What specific advantages does each competitor offer over yours currently?

Marketing channels

  • Which marketing channel do you intend to leverage to attract new customers?
  • What is your estimated marketing budget needed?
  • What is the projected cost to acquire a new customer?
  • How many of your customers do you instead will return?

Form an LLC in your state!

flip houses business plan

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

  • The equipment and facilities needed
  • Who will be involved in the business (employees, contractors)
  • Financial requirements for each step
  • Milestones & KPIs
  • Location of your business
  • Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a house flipping business?

  • Tools - Hammer, basic carpenter tools, sander, saws, levels, etc.
  • Supplies - Paint, paint brushes, drop cloths, tarps, wood glue, wood screws, nails, etc.
  • Permits - Depending on your city or state you may need to obtain permits for plumbing and electrical work.

5. Management & Organization of Your House Flipping Business.

The second part of your house flipping business plan is to develop a management and organization section.

This section will cover all of the following:

  • How many employees you need in order to run your house flipping business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
  • The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
  • How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. House Flipping Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a house flipping business varies based on many different variables, but below are a few different types of startup costs for a house flipping business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your house flipping business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your house flipping business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your house flipping business plan:

  • Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
  • Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
  • Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
  • Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
  • Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
  • Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

flip houses business plan

Frequently Asked Questions About House Flipping Business Plans:

Why do you need a business plan for a house flipping business.

A business plan is essential for a house flipping business because it will help you determine your goals, create an action plan for achieving those goals, assess the feasibility of the project, and project your expected profits. It will also help you secure necessary financing from lenders, investors, and other sources. A business plan can be used to track progress during the course of the project and make adjustments as needed. Finally, it will ensure that all stakeholders are on the same page with regards to expectations and strategy.

Who should you ask for help with your house flipping business plan?

You should ask a business consultant, accountant, lawyer and/or real estate agent for help with your house flipping business plan. Additionally, you can consult with local government resources such as the Small Business Administration or your local Chamber of Commerce to find resources and support for starting your business.

Can you write a house flipping business plan yourself?

Yes, it is possible to write a house flipping business plan yourself, provided you have the necessary skills and knowledge. The plan should include detailed research into the real estate market, projected expenses and revenue, marketing strategies and a timeline for completion. Additionally, you will need to include financials such as an income statement, balance sheet and cash flow statement. If you're not sure where to start, there are many resources available online with templates and information on how to put together a business plan.

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

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The world of real estate offers numerous opportunities for investors to make a profit. One of the most popular strategies in recent years has been house flipping, which involves purchasing a property, renovating it, and reselling it at a premium. However, to make a successful house-flipping business, you need more than just a good eye for potential properties. You also need a solid business plan that attracts investors and ensures project success. In this article, we will guide you through the process of creating a winning house-flipping business plan that investors can’t resist.

Research and Market Analysis

The first step in creating a winning house-flipping business plan is conducting thorough research and analysis of the market. This should include researching current trends and opportunities in the real estate market, analyzing local housing market conditions and demographic data, and evaluating competition to identify unique selling points for your house-flipping business.

Researching the market involves gathering valuable insights into the current state of the real estate industry and staying up-to-date with changes and trends that can impact your business. You can use various tools to conduct market research, such as online databases, industry reports, and housing market data. To analyze the local housing market, you should study key metrics such as home sales activity, median sales price, average days on the market, and the number of homes for sale in the target neighborhood.

Evaluating competition is also critical to identifying your unique selling points. You should research companies that offer similar services and analyze their business strategies and approaches. This analysis can help you identify gaps in the market or an opportunity to offer new and unique services.

Setting Clear Objectives and Strategies

The second step in creating a winning house-flipping business plan is setting clear objectives and strategies that align with the market research conducted in the first step. You need to ensure that your objectives and strategies are realistic and achievable and that they outline specific steps to achieve success.

Defining your short-term and long-term goals for your house-flipping business is essential for mapping out a plan for success. Short-term goals could include the number of house flips you want to accomplish in the next six months, while long-term goals could include building connections with reliable contractors and real estate agents.

It’s also crucial to outline strategies that align with your goals. For instance, if your goal is to flip more properties within a shorter period, you might consider strategies such as focusing on undervalued properties, developing a strong team of contractors, or sourcing financing from alternative lenders to reduce holding costs.

Financial Analysis and Budgeting

The third step in creating a winning house-flipping business plan is creating a comprehensive financial analysis and budgeting plan. Financial analysis helps you to identify the potential profit margins of your business and to understand the costs associated with each project. Creating a budget is essential to ensure that each project is profitable and that you stay on track with your financial objectives.

Some key financial metrics you should consider when creating a financial analysis are Gross Income, Operating Expenses, and Net Income. Gross income represents the revenue you will generate from flipping real estate, while operating expenses are the costs associated with running your business, such as property taxes and salaries. Net income is the money you will make after deducting all the operating expenses from your gross income.

To create a budget, you should consider the costs associated with each property, including acquisition costs, renovation expenses, and holding costs. Acquisition costs include the purchase price, closing costs, and inspection fees. The renovation cost includes all the expenses related to repairing the property, fixing any issues, and updating it to meet the current housing trends. Holding costs include mortgage payments, property taxes, and insurance costs.

Marketing and Sales Strategies

The fourth step in creating a winning house-flipping business plan is developing a comprehensive marketing and sales strategy. Marketing and sales strategies help to ensure that you attract the right buyers, increase exposure to your properties, and maximize your profits from each sale. A well-crafted marketing and sales strategy focuses on identifying potential buyers and presenting your properties in the best way possible.

There are several strategies to consider when developing your marketing and sales strategies. You might consider listing your properties online, holding open houses, or utilizing social media advertising. You should analyze your target market and determine what channels will work best for you.

In addition, understanding pricing strategies and negotiation tactics is essential for securing the right sale price for your properties. Understanding how to present your properties, how to negotiate with buyers, and how to price your properties competitively can significantly impact your profitability.

Team Building and Partnerships

The fifth step in creating a winning house-flipping business plan is developing a strong and reliable team to work with. Working with the right team ensures that your projects are completed on time, on budget, and meet your quality expectations.

Your team should include reliable contractors, real estate agents who understand the local market well, project managers, and bookkeepers. Partnering with lenders and investors who can fund your projects can alleviate financial stress and help secure your business success.

Risk Management and Contingency Planning

The sixth step in creating a winning house-flipping business plan is planning for potential risks. Risks can arise at any point in the process, from site acquisition to renovation to sale. A contingency plan outlines what to do in case of risks and ensures project success even under difficult circumstances.

To identify the potential risks associated with real estate investing, you should consider common risks such as construction delays, market fluctuations, legal issues, or hidden property issues. Identifying potential risks allows you to mitigate them effectively and to have a contingency plan for each situation.

Presenting Your Business Plan to Investors

The last step in creating a winning house-flipping business plan is presenting your plan to potential investors. Your business plan should be well-crafted, visually appealing, and include all the essential information regarding the business strategies and potential profits. A business plan for investors should be customized to them, addressing specific concerns and goals they might have.

Your business plan should include an executive summary that highlights the key points of your business plan, presented in a clear and concise way. It should also include a financial plan, including details such as profit margins and potential ROI. Your business plan should be visually appealing and professional and should be presented in a manner that demonstrates your confidence in your business and its potential for profitability.

Creating a winning house-flipping business plan is critical to securing financing and ensuring the success of your business. This requires thorough research and analysis of the market, clear objectives and strategies, comprehensive financial analysis and budgeting, a marketing and sales strategy, a reliable team, and contingency planning. By following these steps, you can create a business plan that is attractive to investors, mitigates potential risks, and sets your business up for success.

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House Flipping Business Plan

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Have a keen eye for distressed properties and a knack for renovations?

Well done! You’ve stumbled upon a cool business idea. It’s time for you to start an exciting journey into the world of house flipping!

However, you need to think about resources and funding for navigating the ins and outs of flipping houses.

Also, you need to specify if there’s a prominent market for your business to be successful, what potential patrons expect from businesses like yours, and how many competitors you’ll encounter.

Surprisingly, answering all these questions is all part of writing a thorough business plan. Here is the house-flipping business plan template , which will surely help you!

In this guide, you can explore the essential elements you need to know for a well-written business plan. It will provide business strategies and insights to kickstart your flipping houses business plan writing.

Let’s jump in together and discover the secrets to crafting a house flipping plan.

Key Takeaways

  • Write an impactful executive summary that outlines your marketing approach and team expertise to attract potential investors or partners.
  • Conduct comprehensive market analysis to highlight industry trends, target audience needs, and customer preferences.
  • Consider potential contingencies & emergencies while making realistic financial plans for sales revenue, costs, and profit forecasts.
  • Use tools for SWOT analysis to evaluate your strengths, weaknesses, opportunities, and threats for informed decision-making.
  • Highlight your flipping business services and elevate your property values in the market by incorporating strategic USPs.
  • Clearly add flipping houses business descriptions to ensure efficient project management and consistent, high-quality renovations.
  • Scrutinize the competitive landscape, and identify competitors, to create strategies that support your business’s competitive advantage.

Why do you need a house-flipping business plan?

A well-crafted business plan is a foundation for planning, managing, and growing a house-flipping business. It provides a detailed roadmap that confidently navigates you to the complexities of the real estate industry.

Here are a few benefits you must know:

  • A professional plan guides your flipping-house business in a strategic direction and gives clarity to your business idea, outlining business strategies, goals, and steps to enhance your credibility.
  • It can crystalize your vision for the house-flipping venture and ensure that you clearly understand the target audience, including trends, customer preferences, and competitors.
  • An actionable plan offers a comprehensive view of your business’s operational aspects and helps you identify potential risks and challenges in the house flipping industry.
  • You can plan to seek funding or partnerships with the estimated startup costs, operational expenses, and profit margins.
  • A detailed business plan is a legal armor that prompts you to consider legal requirements and obtain necessary permits.

So, having a flipping house business plan is a game changer in the ever-evolving real estate landscape. Now, let’s move forward to create an interesting business plan without any further ado:

How to write a business plan for your house-flipping business?

1. get a business plan template.

Before you start writing a business plan for your house-flipping business, consider using a business plan template first.

It serves as a structured format and helps you cover all the necessary elements in your business plan, saving you time and effort.

However, it is an effective way to organize your thoughts and cohesively prepare a professional document. It guides you on what to include in each section according to your business needs and preferences.

If you are new to business planning or searching for a well-presented template, choose Upmetrics’ business plan template today. It is the best-suited and valuable tool for your flourishing house-flipping business!

sample business plan

Free Business Plan Template

Download our free house flipping business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

  • Fill in the blanks – Outline
  • Financial Tables

2. Write an executive summary

An executive summary is a brief overview of your entire house-flipping business plan.

It is the initial section of the professional plan and highlights the key points of your house-flipping business, from mission-vision statements to financial projections.

This executive summary section should be clear, concise, and engaging as it attracts readers to delve further into your plan.

Start your summary with a quick introduction of your house-flipping business, including who you are and what type of house-flipping business you are running.

Here is an example of a business introduction using Upmetrics:

executive summary example for house flipping business

After that, discuss below key elements in the summary:

  • Mission & Vision Statement
  • Market Opportunity
  • Services Offered
  • Management Team
  • Financial Summary
  • Call to Action

3. Prepare a business overview section

Now, provide detailed information about your house-flipping business. It includes ownership, legal structure, office location, business history, and other such business-related facts.

Initially, introduce what type of business you are operating. For example, it will be one of the below types of house-flipping businesses:

  • Single-family Home Flipping: It emphasizes on renovating and selling a single property acquired at a lower cost for a profit.
  • Multi-unit Complex Flipping: It focuses on multi-unit properties where house flipper rehabs all the units in the multi-unit complex, with an option to sell units individually or the entire complex
  • Multi-investor Flipping: It includes house flipping among multiple investors before moving to the fix-and-flip stage.

Provide the history of your house-flipping company. You can also add business goals and milestones you have achieved. Take the below as an example,

flipping house business overview section

Do not forget to include the names of your business owners/partners and your future goals as this section gives an in-depth overview of your business.

4. Conduct a market and industry analysis

Starting a house-flipping business requires a strategic roadmap, and the key to developing that roadmap lies in a comprehensive industry and market analysis.

This chapter highlights the clear picture of your house-flipping industry. It serves the broader real estate market, which is affected by economic trends, market conditions, interest rates, and regional factors.

Here are certain key components to include:

Market share and growth potential

Identify your Targeted Available Market(TAM) and measure the viability of your business.

Consider market growth factors and financing availability to analyze the potential shares in the real estate market.

Industry trends

The dynamics of the housing market and emerging trends can potentially influence buying and selling patterns.

Technological advancement in the real estate market such as virtual tours and online property platforms has helped house flippers to reach a wider audience and upgrade property visibility.

Navigating the ideal target market

In this section, you can give details of the customers you serve or expect to serve. House flippers, prospective homeowners, contractors, and real estate agents are a few examples of customer segments.

Do proper market research and try to create a buyer’s persona by exploring the psychographic and demographic details of the ideal customer.

Navigate their needs, preferences, and behaviors to customize your strategies, property selections, and renovation decisions to align with market demands. Here is an example written using Upmetrics’ AI writing assistant :

For Kent & Flippers house-flipping business, our target market cuts across people of different classes and people from all walks of life. We are coming into the real estate industry with a business concept that will enable us to work with the highly placed people in the country and at the same with the lowly placed people who are only interested in putting a roof under their heads at an affordable price.

Our target market is the whole of the United States of America and we have put plans in place to recruit freelance agents (brokers) nationally to represent our business interests wherever they are located in the United States of America.

Below is a list of the people and organizations that we have specifically designed our products and services for:

  • Families who are interested in acquiring a home
  • Corporate organizations who are interested in acquiring their own property/properties
  • Home Owners who are interested in selling off their home
  • Properties Owners who are interested in selling off their properties
  • Foreign investors who are interested in owning properties in the United States of America
  • The government of the United States of America (Government contracts)
  • Managers of public facilities

Competitor analysis

Now, it’s time to identify the top competitors in the house-flipping businesses. Get details of their businesses, and monitor their strengths and weaknesses.

It is a very important part of market research that helps you evaluate the real estate competitive landscape. Conduct a SWOT analysis to find your business position.

Demonstrate your competitive edge and present to potential stakeholders that your business is set for success in the challenging market.

flip houses business plan

Want to Perform Competitive Analysis for your Business?

Discover your competition’s secrets effortlessly with our user-friendly and Free Competitor Analysis Generator!

5. Describe your house-flipping services

After understanding the market trends, give details about your house-flipping services. These services enclose a range of activities aimed at buying, renovating, and selling properties for a profit.

Your house-flipping services might be any of the following:

  • Property Assessment
  • Renovation Project Management
  • Design Consultation Services
  • Project cost evaluation
  • Broker opinion of valuation
  • Marketing property for lease/sale

Effectively communicate your services to the customers by sharing precise pricing plans and service descriptions with project timelines. For instance,

house-flipping services example

Additionally, state other additional services that you execute for house flips or property management.

6. Prepare marketing and sales strategies

Developing the sales and marketing section involves summarizing the strategy to entice new users and retain existing ones.

It describes the methods and approaches to gaining and keeping customers for the house-flipping business. Some of the sales and marketing strategies for property-flipping companies are:

Unique Selling Points (USPs)

Specify the USPs of each property that set you apart from the other house-flipping businesses. Emphasize a few aspects such as historical features, energy-efficient upgrades, or a prime location.

Professional Branding

Having a website and a memorable logo can establish a strong and professional brand that spreads a wider reach. It builds trust among potential customers. Showcase all your services with virtual tours and 3D imaging.

Social media advertising

Leverage social media channels (Facebook, Instagram, Twitter) to target particular audiences. Generate visually appealing ads and content to draw interest and drive traffic to your property listings. It helps you generate leads.

Email marketing

Create an email list of your potential clients. Regularly give updates on new property, renovation progress, and recent offers. This marketing tactic can nurture leads and keep your target market engaged.

Networking and partnerships

Always try to build strong relationships with real estate agents, mortgage brokers, and other professionals. Networking can help with referrals and partnerships that improve your reach.

Organizing open houses and events

Allow potential buyers to experience the property firsthand by hosting open houses and events. It gives an opportunity to answer queries, address concerns, and build a sense of urgency.

7. Introduce leadership or management team

A powerful management team is essential to showcase your house-flipping business’s ability to thrive in the industry.

Letting your readers or investors know about your business leadership or key managers will help them have a clear idea of who is running your house-flipping company.

Highlight your key managers’ and project managers’ backgrounds, including those skills and experiences that ascertain their ability to grow a business. Here is an example of mentioning the management team using Upmetrics:

flipping house management team

Also, discuss the compensation plan in this section and it includes salaries, incentives, or employee benefits. Not only that, mention any key advisor or consultant who adds credibility to your business idea.

8. Outline your operational plan

Now it’s time to emphasize an effective description of a business operational plan as this section highlights key areas such as staffing, operational processes, and facilities/technology.

Operational excellence is essential for fulfilling your goals and commitments to clients and ensuring optimal results. Briefly outline operational planning, underscore how it directly impacts the quality of services, and pique the reader’s interest.

Wondering what to add to your house flipping operational plan? Well, here is a distinct section:

Start by introducing your dedicated team and their roles for seamless operations. Also, describe your recruitment procedure, training sessions, and methods for fostering a collaborative and skilled workforce.

Here is an illustration of a house-flipping company’s staffing requirement using Upmetrics:

house flipping company’s staffing requirement

Operational process

Detail the intricacies of your property acquisition, renovation, and sales processes. Define the operational framework and delve into the systematic approach to project management, quality control, and timeframes.

Quality assurance

Discuss the inspection protocols, compliance verifications, and ongoing improvement initiatives to show your commitment to high standards and quality control measures.

Facilities/Technology

Describe how innovative tools and platforms improve your efficiency in project management, real estate property scouting, house flips, designs, and communication.

9. Create a financial plan

A well-structured and in-depth financial plan comes last in the house flipping plan but is the most exciting section for investors.

It is a detailed blueprint of all the cash flow and revenue streams, initial startup costs, and how these expenses will be covered through the earned profits.

This financial projection has a significant value in terms of whether you secure funding or not. So, mention all the below key components in your plan:

  • Profit and loss statement
  • Sales forecast
  • Cash flow statement
  • Balance sheet
  • Break-even analysis
  • Financial needs
  • Tax considerations
  • Business ratios
  • Exit strategy

From the above, you can identify the funding requirements and evaluate the funding resources for your house-flipping company, including bank loans, SBA-guaranteed loans, real estate investors, and personal savings.

However, calculating all the financial statements from scratch can be an overwhelming task. In addition to that you have to work on graphs and visuals for the clarity of your financial plan.

Not to worry; here is an easy way. Use Upmetrics’ financial forecasting tool to formulate all the financial aspects for starting a real estate flipping business.

This tool guides you through the projected financial statements and helps you generate key reports and graphs that can be easily downloaded. Here is an example of a projected cash flow for 3 years with the help of Upmetrics:

projected cash flow example for flipping house business

Additionally, you can offer stakeholders a transparent view of your business’s fiscal health and growth potential with a deeper exploration of your financial strategy.

Well, having realistic financial projections at your hand can help you evaluate the financial sustainability of your property-flipping business.

House flipping Industry Highlights 2024

Flipping houses continues to be a money-making strategy for a real estate investor. So, let’s go through some house-flipping industry trends and statistics:

  • According to Forbes , the housing market will shift positively by the year’s end. The talk of decreased mortgage rates will provide more opportunities to invest in real estate, whether for home flipping or renting.
  • Fix-and-flip profits aren’t as high as in 2022, but house flippers can still make great returns in the next few years. They generated an average gross profit of 22.5% compared to the first quarter of 2023.
  • A home-flipping report in the U.S. shows that 84,350 single-family homes and condominiums were flipped in the second quarter of 2023. It is significantly higher than the first quarter of the year.
  • In the U.S. market, Texas and Florida are the two major hotspots for flipping houses and are most popular among house flippers.
  • Depending on location and other external factors, successful house flips can yield returns varying from 10% to 100% or even more of the initial real estate investment.

Refine and present a house-flipping Business Plan

Once you have drafted your entire house-flipping plan, read and re-read your documented plan to make sure that it is error-free. You have to feel confident about your flipping business plan before presenting it to your audience.

In addition, tailor your documented plan to serve different audiences to enhance communication. For instance,

Real estate Investors: For seeking funding, keep a professional tone in your plan and include all the growth potential, profitability, and ROI data.

Banks: Showcase thorough financial details and emphasize economic stability. Also, address potential risks and indicate risk mitigation plans.

Business partners or lenders: Highlight collaboration benefits and how they can add value to their personal growth. Focus on goals for mutually profitable partnerships.

Well, don’t forget the importance of visual aids and digital representation here. Use engaging visuals, graphs, interactive elements, and multimedia to demonstrate property transformations.

Thus, integrate all the above things in a clutter-free and visually appealing manner to create a digital presentation of your plan.

After that, it’s time to final check and email your plan to the intended audience. And celebrate your efforts and dedication to drafting a captivating narrative.

Download sample house-flipping business plan

Are you ready to start a house-flipping business plan writing? And want to get help with your business plan? Well, here you can download our free house-flipping business plan pdf and start writing.

This advanced investor-friendly template has been crafted with house-flipping businesses in mind. With step-by-step instructions and examples, this flipping business plan template assists you in developing your own plan.

Import data into your editor and start a house-flipping business plan writing.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

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Write your business plan with Upmetrics

With Upmetrics, you will get easy-to-follow steps, 400+ sample business plans , and AI support to streamline your business planning approach.

Our financial forecasting tool will help you create accurate financial forecasts for 3 or more years if you’re not good at finances.

Whether you’re venturing into a new business or aiming for expansion, Upmetrics provides resources and valuable insights to build successful and professional business plans that perfectly align with your objectives.

Let’s embark on a journey to real estate triumph!

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Frequently asked questions, what financing options are available for my flipping business.

Several financing options are available to you in order to fund your house-flipping business:

  • Hard money lenders
  • Private money lenders
  • Home Equity Line of Credit (HELOC)
  • Seller financing
  • Business credit cards
  • Crowdfunding

Can I Use My Business Plan to Attract Investors or Partners?

Definitely! A well-crafted business plan can be a powerful tool to attract investors or partners for your house-flipping business. Here’s a list of reasons:

  • Showcases viability
  • Highlights return on investments (ROI)
  • Outlines marketing and sales strategies
  • Presents risk mitigation tactics
  • Demonstrates exit strategies
  • Facilitates strategic partnerships

What are the Key Elements of a Successful House Flipping Business Plan?

Creating a successful house-flipping business plan involves the following key elements:

  • Executive summary
  • Business overview
  • Market and industry analysis
  • House-flipping services
  • Marketing and sales strategies
  • Management team
  • Operational plan
  • Financial plan

What Insurance Policies Should Be Included in the Business Plan?

Local laws suggest that purchasing insurance policies is very important for any business. So, as per the SBA guide , include below six common types of business insurance in the plan:

  • General liability insurance
  • Product liability insurance
  • Professional liability insurance
  • Commercial property insurance
  • Home-based business insurance
  • Business owner’s policy

How Often Should I Review and Update My House Flipping Business Plan?

It is necessary to regularly review and update your house-flipping plan to ensure its relevance, accuracy, and alignment with your evolving business objectives. Follow the below guidelines:

  • Quarterly assessments for minor adjustments
  • Semi-annual reviews for an extensive analysis of market trends and strategy
  • Specific annual update to capture changes in the market
  • Revamp your business plan whenever significant events occur
  • Ensure your plan is up-to-date while seeking funding or partnerships

About the Author

flip houses business plan

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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Download House Flipping Business Plan

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How to Create a Successful House Flipping Business Plan

HGTV house flipping reality-TV shows are on the rise. But, as a home flipper yourself, you know that these TV shows are missing a huge part of the equation. Any successful house flipping project needs funding. And that funding requires a house flipping business plan. 

Beyond funding, it’s essential to consider profits. Because while you might enjoy rehabbing homes, at the end of the day, you want to turn a profit. A house flipping business plan helps you identify and explain your steps to achieving profitability for yourself, your team, and your lenders. 

If this is your first time navigating real estate investing, you probably have several questions about how to start a house flipping business. With any business, drafting a business plan is an excellent first step. So, let’s get into it. 

A Simple House Flipping Business Plan Template

All business plans have certain required elements. If you’ve never created a business plan before, it can be overwhelming. But, take a deep breath, we’re going to break it down for you. Most house flipping business plan templates include some variation of the following:  

  • Executive Summary 
  • Mission Statement
  • SWOT Analysis
  • Market Analysis 
  • Financial Projections 
  • Exit Strategy 

We’ll go over each of these at length in a minute. Before we do, keep in mind your individual goals. If you’re hoping to get funding for one rehab project, your business plan will be much simpler. However, if you’re hoping to start a larger company, taking on many flips in conjunction, these eight areas will entail a bit more explanation. 

Diving Deeper into a House Flipping Business Plan

So, you already have a basic house flipping business plan template, but we’re going to go into what all of these areas mean. 

Here are the 8 areas to every house flipping business plan:

1. Executive Summary 

This portion of your business plan is dedicated to your elevator business pitch. Briefly explain your goals, intentions, and your company at large. This is also an ideal place to go over what’s coming up in the rest of the business plan. This section is like a high-level summary of the entire business plan. But remember, keep it brief, because you’ll be going into all the details throughout the remainder of the proposal. 

2. Mission Statement

Now, some experts say you should include this in your executive summary portion of your plan. Others advocate for presenting it separately. Either is fine, and it’s really a matter of personal preference. The important thing is that you include it somewhere. Your mission statement is different than your executive summary because it’s more about your overall vision and core values. Your executive summary is about what you are, and your mission statement is about who you are. 

3. SWOT Analysis

SWOT is an acronym that stands for: 

  • Strength – What strengths does your company bring to the table?
  • Weakness – What weaknesses do you have as a company?
  • Opportunities – What unique opportunities exist right now that make your company viable? (This is also where you can explain away weaknesses). 
  • Threat – What threats will you face as a company? 

This is a fantastic place to be honest with yourself, investors, and potential partners. So, let’s look at it in practical application. Let’s say you’re a brand-new house flipping company. Your strengths could be your fresh perspective, your skilled team, or your team’s business or construction background. Think about what makes you different from your competitors. For weaknesses, it could be that you’re new to the market, but that also creates an opportunity to capitalize on the growing market with your new ideas. 

Threats are sort of like weaknesses, except that they’re things that are impossible to prepare for. For instance, another mortgage market crash, like in 2007, or damaging weather conditions which could stall your project. 

4. Market Analysis 

This will probably be the most research-intensive part of your plan. The good news is that this information is not just helpful for lenders and partners; it’s crucial information for you to know, too. A market analysis is a comprehensive look at the market. You’ll look at past trends, present trends, and make future predictions by looking into costs, pricing, competitor numbers, historical shifts, and more. This section is all about proving to investors that the market is viable, thriving, and worthy of investment.  

5. Financial Projections 

This area is the most critical part of your entire plan. This is where you break down how much money you need and how much money you can expect to profit. To do this, you’ll have to calculate costs. This entails things like property costs, rehab costs, marketing costs, and other expenses. Don’t forget to include things like realtor fees, closing costs, taxes, materials expenses, disposal fees, and more. 

Once you have your costs, using your market research, you calculate a realistic projected profit. You take the amount of money you’re asking for, subtract the costs, and project the potential profit. Be sure to explain how big of a return the investor can expect. If you’re going with a lender rather than an investor, you’re aiming to prove that repayment won’t be an issue. 

6. Timeline

Now that you’ve laid the potential, you have to set a realistic timeframe to make it happen. Be honest here. A good trick is to decide on how long you expect the project to take and then add several months to that. Your timeline should go over what you’re doing each month to complete the project to get to the finish line. 

7. Strategy 

This is where you create a plan of action for making sure that everything runs smoothly. You’ll cover the basics of your team dynamic, like who is in charge of what portion of the overall goal. More importantly, though, you’ll be outlining how you plan to market and grow. If you’re just flipping one home, outline how you’re going to ensure the home sells. Maybe you’ll go to networking events, create an online social media campaign, or create door hangers and business cards to hand out. If your goal is to sell multiple properties and turn this into a viable business, how are you going to do it? What is your strategy for growth? 

Growth strategy is all about how you scale. Break down the moves step by step for growth and profitability. 

8. Exit Strategy

No one wants to think about failure when starting a new project, but as a house flipper, it’s a part of the gig. There are unforeseen circumstances that happen all the time. Let’s say your properties don’t sell; you can make your exit strategy focused on changing your goal from selling the properties to renting them out. 

Other options for exit strategies are quickly flipping and selling a property for a profit to pay back a loan. There’s also the cash-out refinance option, where the investor pays off the remaining mortgage with the loan and pockets the difference. Whatever route you choose, you’ll want to have an exit strategy that ensures that no matter what happens, your investor or lender will be repaid. 

Benefits to a House Flipping Business Plan

It might seem like a lot of work, but the benefits of doing a house flipping business plan make that work worth it. Here are just a few of those benefits: 

  • It helps you get and stay focused and organized.
  • It ensures that investors and lenders take you seriously.
  • It forces you to look at your financial goals and projections realistically.
  • It dramatically increases the probability that you’ll get the funding you need. 

If you find yourself asking, “How do I start a house flipping business?”, the answer is clear. Start with a business plan. Begin thinking about ways you can reach your profit goals and save money along the way. 

When you reach the point in your house flipping project where you’ll need to find a dumpster rental company experienced in working on construction and renovation projects, don’t hesitate to reach out to Captain Hook Austin Dumpster Rental . 

Little things like comparing material costs and dumpster sizes to save on disposal costs can make a significant impact on the financial projections portion of your business plan. And as a business owner, we know you’re looking to cut costs. Give us a call or fill out our online form to discuss your project, and this is something we can help you with.  

If you follow your business plan step by step, you’ll have a thriving house flipping business, worthy of reality-TV exposure in no time! 

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Entrepreneur

Flip properties for profit: how to start a house flipping business.

Uday Tank | 6 September 2022 | 1 year ago 0 0 0

How can you start your own property flip business?

Make a business plan., set up your business , know how to get financing and use it., establish relations with contractors and other professionals..

flip houses business plan

Appreciate the value of market research  

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Homeowners, renters promised more security in B.C. throne speech

House-flipping tax to be introduced this session, housing minister says.

A white woman with black hair reads from an ornate seat in a legislature building.

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As the cost of living, health-care shortfalls and an eight-year toxic drug crisis continue to plague British Columbia, the provincial government delivered its speech from the throne on Tuesday afternoon, outlining its priorities for the year ahead. 

The throne speech, read in the legislature by Lt.-Gov. Janet Austin, pledged more homes for first-time buyers and eviction protection for renters.

The speech marks the start of the spring legislative session and comes ahead of Thursday's provincial budget and an election expected in October.

"If we work together, this will be a place where everyone can build a good life, whether you live in a city, town, rural or First Nations community," said Austin. 

Rows of people sit and listen to a woman deliver a speech in a legislature building.

Austin told the legislature that housing is a generational challenge in B.C. and the government will not tinker at the edges to fix the problem, continuing its goal to build thousands of affordable homes for middle-income earners.

The speech says the government will introduce actions this spring to protect renters from "bad-faith evictions," and help first-time buyers enter the housing market.

It says the government will also introduce legislation connected to the sextortion suicide of 12-year-old Carson Cleland of Prince George, and the similar death of 15-year-old Amanda Todd, to shed light on bullying, cyberbullying and online safety.

  • Here's what will cost more for British Columbians in 2024

Austin said the new legislation will also include steps to "protect schools and kids from disruptive protests."

Premier David Eby said earlier that he expects the government to table about 20 pieces of new legislation and a budget that looks to help families facing the high cost of living.

flip houses business plan

What spending priorities would you like to see in this year's B.C. budget?

Speech comes ahead of fall election date.

Affordability, child care, climate change and reconciliation are all top of mind for an NDP government looking to October, according to former B.C. NDP party president Moe Sihota.

"[The throne speech is] going to be more pointed than normal because this is an election year," he told The   Early Edition guest host Gloria Macarenko on Monday. 

In a Monday interview, Housing Minister Ravi Kahlon promised that, among other things, affordability will indeed factor into both the throne speech and the 2024 budget, the latter of which is to be presented in the legislature on Thursday. 

"People are struggling with costs, global inflation," he said. "There's going to be measures around making sure that people can continue to afford the necessities in their life."

A bald South Asian man wearing a blue jacket and green tie looks on in an opulent building.

'Co-ordinated plan'

Home prices across Canada are expected to rise by 5.5 per cent by the end of 2024, according to a  market survey forecast  by Royal LePage. The province  announced in September  it would cap the allowable rent increase at 3.5 per cent for 2024 — up from two per cent the previous year.

B.C. Green Party house leader and Saanich North MLA Adam Olsen said the current affordable housing crisis has been decades in the making.

"I know that political parties are going to try to pin it on the current government, but it is the result of poor public policy over successive governments," he said. 

A bald Indigenous man wearing a grey jacket smiles while standing in front of a mic.

He said the only way B.C. can dig its way out of the housing crisis is with a plan that incorporates health care, transportation and education, among other things. 

"We can pretend like all of these issues are separate and take individual actions, but we actually have to see a co-ordinated plan."

Flipping tax

Kahlon said a long-awaited flipping tax will come forward during this next session, which was announced in April 2023 as part of the province's housing plan . 

"We still hear consistently, [about] investors going in, buying properties, flipping them for large profits," he said. "That is not what we need."

  • B.C. continues to lead the country in high rental prices and low vacancies, CMHC data shows
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When it was originally announced last year, Premier David Eby suggested that a flipping tax would discourage speculation.

"If you are holding a home right now that you intend to flip, if you are thinking about buying a home for the purposes of flipping it, the message today is that this tax is coming. It will cost you money," he said at the time. 

"So stop engaging in that activity. Homes are for British Columbians to live in this province."

Budget to be released Thursday

Sihota and Olsen agree that costs associated with climate change must be worked into the budget this year, and the province faces a significant drought following years of devastating wildfires, extreme heat and flooding. 

"The reality of climate change is upon us," Olsen said. 

  • Q&A B.C. Premier David Eby trumpets 'transformative' housing initiatives as he looks back on 2023

B.C. Conservative Party president Aisha Estey says affordability has to be the No. 1 priority for the 2024 budget.

"We need to give people a tax break. Life is too expensive," she said. 

Dianne Watts, former Conservative MP, agrees.

At the same time, Watts said, the province needs to consider the amount of debt it's sitting with; as of Dec. 2023, the province's debt is an estimated $99.1 billion . 

flip houses business plan

With files from the Canadian Press, Courtney Dickson, Meera Bains and The Early Edition

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Watch CBS News

Kouri Richins' hopes of flipping Utah mansion flop after she is charged in the death of her husband Eric

By Betsy Shuller

February 23, 2024 / 8:20 AM EST / CBS News

In the early morning hours of March 4, 2022, Kouri Richins says she found her husband Eric unresponsive in their bed. She said his death was an accident, but a year later she was arrested and charged with murder. The circumstances surrounding Eric Richins' death are investigated in "The People v. Kouri Richins," an all-new "48 Hours"  reported by contributor Natalie Morales and airing Saturday, Feb. 24, 2024, on CBS and streaming on Paramount+.

Kouri's family says she lost more than just the father of her three young sons and husband of nine years. She also lost a huge business deal worth millions.

Kouri owned a real estate business specializing in buying and flipping houses for a profit. Her mother Lisa Darden says it was a constant rotation of new projects, and at any one time Kouri could be working on three different properties, "I would say on average." Darden had watched Kouri build the business from the ground up and says Kouri was proud of her success. Greg Hall was her friend and marketing director. He says the reason for Kouri's success was that she had something that a lot of people don't. "A lot of times you find an individual that is intelligent, but no common sense or common sense and no intelligence. She had both. She was a brilliant young lady," said Hall.

Before Eric died, Darden says Kouri was working on the biggest house-flipping deal of her career. The project was a 10-acre estate in Heber City, Utah, not far from the famed Park City ski resort. It was prime real estate. "I think this was kind of her dream when she got into this idea of flipping houses was to be able to do properties like this," Kouri's attorney, Skye Lazaro, told Morales as they toured the property.

The 20,000-square-foot mansion and its 4,000-square-foot guesthouse were originally built in 2017 but never finished. Kouri discovered the abandoned project in 2019 and made an offer on it along with a group of investors for $3.9 million. According to Lazaro, Kouri's plan with the property was to "turn it into a recreational hotspot, given this is probably one of the most beautiful places in the world and, hopefully, sell it at a profit." And Kouri's mother says that potential was jaw-dropping. "Her and Eric sat down with an accountant one time, and he said, if you can get it done and stay under budget, you could walk away with $12 million," said Darden.

richins-mansion.jpg

Darden says Kouri and Eric were excited about the opportunity and were celebrating finalizing the closing of the mansion the night Eric died. "Eric's saying, let's have a shot. Come on, let's celebrate Kouri," she said. And the celebration continued. Kouri told investigators she poured Eric another drink later that night, a Moscow mule, before the couple went to bed. It was hours later that Kouri said she found Eric unresponsive in their bed. The next day Kouri closed on the property, according to court papers.

But the spokesman for Eric's family, Greg Skordas, says Eric did not want Kouri to buy the mansion. "I don't think he was ever in favor of that," Skordas said. Just days after Eric died, his family told an investigator "Eric and his wife were arguing" about buying the house. Eric's family believes Kouri was determined to go forward with the project, despite Eric's opposition.

When Kouri Richins was arrested and charged in her husband's death, her hopes for the project -- and the potential $12 million payday -- came to an end. The mansion was put back on the market and recently sold for $3.75 million. 

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