House flipping expert Jack Smith runs two successful businesses, flipping houses and finding property investments for those looking to get into the industry. He has renovated and sold on numerous properties, making up to £50k per property.
The expert recommends this especially for renovators who work other full-time jobs.
He said: “Especially for people who want to get started straight away, and it’s not like they are going to quit their full-time job and start flipping houses.
“You’ll become incredibly busy if you have to manage all that stuff yourself.
“Yes, you’ll save money but saving money, doesn’t mean you’ll make more money.”
He explained that using a residential mortgage to flip properties is not allowed and therefore you have two options when looking to flip properties for commercial benefit.
Jack said: “We all know people who buy their personal home and they want a fixer-upper, with the intention that they are going to do it, live there as long as they are going to live there, and then sell it one and make some money on that. That’s fine, you can get a mortgage for that.
“But, if the intention is to buy it do it up and sell it straight away, you can’t get a mortgage for that.”
Explaining how he approaches buying a house to flip, Jack said: “There are two options that I use.”
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