If you haven’t had any experience yet with flipping houses for a profit, we suggest you start small for your first project.

Buying at the lower end of the market is less risky and you will have a larger pool of potential buyers who can afford the property.

If possible try to purchase properties that are 20% below market value. Some vendors will be prepared to take less to achieve a quick fuss free sale.

Research the market to find a property that offers good potential capital growth and try and negotiate a long settlement period.

A 90 day settlement will give you time to draft designs and organise tradesmen etc.

When tailoring the renovations, keep your targeted demographic in mind and keep an eye out for sales and wholesale prices when buying supplies for the renovation.

The three hotspots in any home are the exterior, kitchen and bathroom.

Features like new paint, new blinds, new lights, new flooring, new shower screens and vanities can give a property an enormous facelift.

Being quick means you minimise holding costs and less exposure to unforeseen market downturns that can affect profits.

Try to DIY as much as possible and pay special attention to styling to achieve a fast sale and optimum price.

Build a good team of reliable trades people and always be conservative with your numbers.

Don’t inflate what you think you’re going to make and make sure you do your research about what properties in the area are actually worth.

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