Jack told Express.co.uk his method to find houses guaranteed to make a profit – and it’s not just about flipping the most expensive properties you can. He explains: “You can make £100,00 a flip but if you have to spend a million on that, the profit margins are not great. That’s like buying a £100,000 house and making £10,000.
The key to making a profit in the property market is buying a property with potential, Jack – who uses his Youtube channel to inspire and educate those interested in the business – said.
“You need to find a good property,” he explains.
“What I would say is, the profit is in the purchase. It’s something I say a lot.”
Following this mantra, the house flipping expert is able to say he has never made a loss on a property.
Jack says: “If a house is worth £100,00 and I buy it for £80,000, even if I don’t do anything with it and I have to sell it really quickly because something has gone wrong if I then sold it for £85,000, £90,000, someone’s still buying it as a discount.
“I can sell it quickly and I’m still making money. If you buy right, it is very difficult to get it wrong.”
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“The house needed a lot of work,” he says. “The seller didn’t want anything to do with the property. It was inherited, it needed work and they didn’t want to do the work.
“They saw it as a liability because every month it was taking money out of their pocket for insurance and all of that stuff.
“It was just too stressful, they wanted it gone.
“Before they put it on the market, I was able to get in touch with them.
“I went around and had a look at the property and put in an offer they were happy with.”
“That’s where a lot of people don’t have the time, don’t have the expertise, which is where I saw an opportunity to create the business I did.”
Jack runs his own personal house flipping business plus deal sourcing business Find My Houses, securing quality property deals for investors.
He renovates the houses for an extra fee, providing an entirely hands-off property investing experience for those looking to make money from bricks and mortar.
The expert has a warning for those buying homes to flip. He says: “One of the reasons the property market is crazy at the moment is people are seeing houses that need work, buying them for more than they’re worth, renovating them and then they aren’t worth much more, and they’re struggling to sell them.”
Instead, he advises: “Learn how to find a good house, find it, buy it, find a quality builder based off of recommendations from people you know who have used builders in the past.”
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Originally Appeared Here
