S
uccessful home flippers keep their process simple by avoiding unique properties and opting for standard layouts that appeal to a broader range of buyers. This approach requires understanding what potential buyers want, rather than focusing on personal preferences. By doing so, they can turn a tidy profit.

    Colorado-based investor Whitney Elkins-Hutten bought her first property in 2002 and sold it a year later for a $52,000 profit after renovating it from a dated home to a beautiful one. Business partners Mike Gorius and Kevin Hart used flipping to get a quick capital boost in Louisville, Kentucky, which they used to pay down their personal debt and invest in long-term rental properties.

    High school friends and business partners Aria Khosravi and Alan Blue have created a seven-figure business out of flipping 91 homes in the Denver area. They attribute their success to keeping things simple by using the same paint colors, flooring, and finishes for multiple projects. This approach helps them appeal to the most amount of people possible.

    To simplify the process, successful flippers use two strategies: sticking with standard home layouts and not making it personal. Khosravi and Blue learned that unique properties can be a costly mistake, as they lost money on their second flip due to its unusual layout. They now prefer buying homes with standard layouts that are easy to renovate.

    Don't make the mistake of thinking about what you want in a home; instead, think about the buyer's needs. Elkins-Hutten advises considering factors like finishes, yards, and soundproofing based on the typical buyer in your market. Gorius agrees, saying that it's essential to stick with what works and talk to contractors to understand what finishes and materials are popular.

    Ultimately, successful flipping involves experience and learning from mistakes. Khosravi and Blue advise going into your first flip with conservative projections and being prepared for unexpected situations. With time and practice, you'll learn how to deal with challenges and make informed decisions to achieve a tidy profit.