Have you gotten past all the cable television shows about flipping houses? The casts may have gotten you interested in house flipping, especially with all the easy money to be made, right? Yet you know in your heart that is really can’t be all that easy. You can’t make $50,000 just by watching a flipping for beginnerscouple flip a house during a 30 minute episode. But before you take off on your flipping career, understand a few things beforehand.

Patience.  Be forewarned that flipping can certainly make you money but it’s not easy out of the starting gate. There are a lot of moving parts, most all with both legal and financial implications. You should learn as much as you can before committing and if possible, align yourself with a real estate agent who can help guide you through the process.

Your Circle.  Speaking of a good agent, it’s time to form a team. A team of professionals who will profit from your venture while at the same time providing you with valuable advice. Besides a full time real estate agent, you need a contractor, legal and financial services including mortgage and insurance assistance.

Buy the Neighborhood.  Don’t base your search for a property on the buy price alone. You may be able to find a great bargain at half the per-square-foot price compared to surrounding houses, but if the neighborhood is run down and unattractive, you won’t sell it. At least what you wanted to sell it for. Find a bargain surrounded by attractive homes, then work your way from there.

Be Realistic.  Know how much you can afford and make sure you have cash in the bank that will keep you liquid while your flip is being prepared. You’ll need operating expenses as well as emergency funds handy and remember to consider those expenses when evaluating a possible flip transaction.

Take your time and don’t get too far ahead of yourself. Patience will reward you. Understand all the implications of flipping, where you should invest and surround yourself with the best possible team you can. After a few flips, you’ll be better than those cable TV shows.