This blog outlines a step-by-step checklist for flipping houses, covering everything from deal analysis and financing to renovation, staging, and final sale.
If you’re a real estate investor looking to flip houses for profit, you need more than just a good property; you need a plan.
This streamlined checklist for flipping houses will guide you through the basic phases, from making offers to completing renovations and closing the sale.
1. Find the Right Property
The foundation of a successful flip is the deal itself. Choose an acquisition strategy (wholesalers, auctions, HUD homes, etc) and master it.
Run your numbers carefully, considering purchase price, rehab costs, holding expenses, and your target resale value (ARV).
Before making offers, line up financing with a hard money lender and get pre-approved.
2. Make Confident Offers
Every property won’t be a fit, and that’s okay. Focus on deals where the numbers work and where you have margin for unexpected costs, such as construction delays.
Build in contingencies when needed and be prepared to walk away.
3. Secure Financing Quickly
Hard money loans are built for speed and flexibility.
At Dominion Financial, we underwrite in-house and skip the appraisal process, so you can move fast and compete with cash buyers. We also provide up to 100% LTC (acquisition and rehab costs) with closings in as little as 48 hours.
4. Inspect and Plan Renovations
Schedule a professional inspection and walk the property with your contractor. Update your scope of work based on any new findings.
This is also when you’ll finalize your budget, timeline, and draw schedule with your lender.
5. Close and Take Control
Review the HUD-1 statement the day before closing to avoid surprises.
At settlement, bring your ID, funds, and any required documentation.
Once the property is yours, change the locks, turn on utilities, and secure the site.
6. Execute the Rehab
With permits pulled and a signed contractor agreement in place, renovations can begin.
Track progress closely and maintain daily communication with your contractor. Stick to the agreed timeline and manage draw requests efficiently to keep the project moving.
7. List the Property
Once renovations are complete, have the home professionally cleaned and staged.
Work with your Realtor to price it competitively, list it on the MLS, and start showings. Strong presentation and market timing are critical to a quick, profitable sale.
8. Review Offers and Close the Deal
Evaluate offers based on financing strength, contingencies, and timeline. Your agent will help you negotiate terms and manage post-inspection requests.
Once under contract, stay involved through closing to ensure everything stays on schedule.
Ready to Flip Smarter?
This checklist for flipping houses is just the beginning.
The right lender can make or break your project timeline and profit. Dominion Financial offers fast, flexible funding designed specifically for real estate investors, with no appraisals and no red tape; just results.
INVESTOR TAKEAWAYS
A good flip is one where the numbers work even after you build in buffers for surprise repairs, delays, and market shifts. Investors typically analyze comparable sales, renovation scope, holding timelines, and exit strategy before making an offer. If the deal still makes sense after stress-testing, it’s worth pursuing.
Most flippers rely on hard money loans because they offer speed and flexibility. Unlike traditional banks, many hard money lenders can fund quickly, skip appraisal requirements, and cover both acquisition and rehab costs. This allows investors to compete with cash buyers and move fast on time-sensitive deals.
A solid renovation plan includes a detailed scope of work, timeline, budget, and draw schedule. Investors should complete a property inspection, walk the site with their contractor, and confirm all materials, finishes, and permit requirements before work begins. Clear planning prevents cost overruns and delays.
Before listing, the home should be thoroughly cleaned, professionally staged if possible, and photographed well. Pricing the property competitively is key: use fresh comps to determine where the home should sit in today’s market. A strong MLS listing and effective marketing help attract qualified buyers quickly.
The strongest offer isn’t always the highest price. Investors often prioritize financing strength, minimal contingencies, fast closing timelines, and buyer reliability. Working closely with an agent ensures negotiations stay on track and potential post-inspection requests are handled strategically.
