If you’ve been thinking about flipping your first single-family home, this guide walks you through the process from finding the deal to cashing your check at closing. Whether you’re brand new or brushing up your skills, these tips will help you flip smarter, faster, and more profitably.
1. Find and Analyze the Deal
The first step is identifying a property with potential. Use proven lead generation strategies (we’ve covered many in in the past) and then break out your deal analyzer to run the numbers:
- Hard costs: Purchase price, renovations, holding costs
- Soft costs: Closing fees, permits, utilities, insurance
- Repair estimate: Use a repair estimator or walk the property with contractors
💡 Pro Tip: Be realistic with your reno numbers. And remember — don’t over-improve or under-improve for your market.
2. Lock It Up & Plan the Renovation
Once you have the property under contract:
- Finalize your renovation budget
- Line up reliable contractors
- Create your materials list and place orders early
- Apply for all necessary permits
Aim to maximize square footage both inside and outside, and know exactly what features and finishes buyers expect at your target price point. Kitchens and bathrooms sell houses — make sure yours shine.
3. Get Renovations Rolling
If permits are delayed, start on demo or any work that doesn’t require them. Time is money — every day of delay is money out of your pocket.
Maintain design consistency:
- Stick to a unified color palette
- Keep flooring, lighting, and plumbing fixtures cohesive
- Avoid “mishmash” rooms that feel disconnected
Spend most of your budget on the interior, but keep the exterior clean, neat, and inviting. Go bigger on landscaping only if the home’s exterior needs extra curb appeal to offset quirks inside.
4. Manage Your Subs
Stay on top of subcontractors to ensure work is:
- Professional
- On time
- Within budget
Don’t be afraid to replace subs who don’t show up or do subpar work.
5. Price & Prepare for Sale
Work with your listing agent to pull updated comps. Adjust your sales price to stay competitive — sometimes pricing slightly below the competition creates multiple offers and even bidding wars.
Before listing:
- Deep clean the property
- Complete a thorough punch list — don’t skip the final 5% of details.
- Stage the home — staging pays for itself in higher sales prices
Only go live when the house is 100% ready.
6. Choose the Right Offer
The highest offer isn’t always the best offer. Sometimes, a slightly lower price from a rock-solid buyer beats the risk of financing falling through.
7. Close, Review, Repeat
Once you close:
- Run the numbers
- Review what worked and what didn’t
- Learn from every project
- Move on to the next deal with more experience and confidence
Flipping single-family homes can be incredibly rewarding — if you follow a proven process, stay disciplined on budgets, and keep your timelines tight.