HGTV Stars Ashley And Andy Williams's Advice For First-Time Flippers

It's not an easy task to start flipping houses, especially if you have no prior experience. According to Realty Times, some of the most common issues renovators face come from failing to research and understand the housing market in their area. Additionally, flippers may struggle to find the right house at a low price, or they may underestimate exactly how much funding will be needed to complete a large scale project. And when it comes down to it, that's just the tip of the iceberg. There are countless difficulties new flippers can face.

Because house flipping is such a challenging and complicated process, first-time renovators will need all the help they can get. That's why advice from experts with a proven track record is crucial. Luckily, HGTV stars Ashley and Andy Williams, from the show "Flip or Flop Fort Worth," have some invaluable tips to share. Below, you'll discover three things they say are vital to understand before you begin your house flipping journey.

Before purchasing a fixer upper, it's important to understand what's happening in your region. Andy Williams says, "Our advice to first-time flippers would be to learn your market and run your numbers," per Hello Beautiful. This is seconded by Rehab Financial Group, who advise that location is the most important factor to finding a home to flip. They say there are two ways to determine if there's a high demand in your area, either through communication with local realtors or searching websites like Zillow. FlipperForce adds that it's important to ask realtors for data regarding the average days units stay on the market and the typical number of offers that are received. The price for which most properties are sold can also be very helpful to know.

One of the largest benefits of doing market research is that it will give you a better understanding of what a good deal on a home is, which could save you money. "Find a discounted property that you can add value to. In flipping, the price you pay for a house will directly dictate the price you sell it for. Never overpay; always buy at a discount," explains Andy.

Ashley and Andy Williams are big advocates for always being a team player. Andy says, "Flipping is a team sport; it's much more fun building success as a team versus doing everything yourself. So, build a strong team by sourcing experts in the area," per Hello Beautiful. Therefore, you'll want to hire contractors that you believe are trustworthy and committed for the long haul. For this team, that means sticking with veterans. "We are veterans, so a lot of the people we hire are veterans — they have a strong work ethic and really work hard," Ashley told Domino.

Another way they show their team spirit is in their personal relationship. According to HGTV, each of them brings their strengths to the flip, and they try not to step on each other's toes. Ashley summarizes their individual skills when she says, "Andy is amazing at finding deals... [and] I'm really good at keeping the end goal in sight." Andy says, "Ashley commands her role, and I stay out of the way. She respects my role, as well. We always have a plan to execute."

After you've chosen a property and built a team, it's important to set your expectations. "The renovation phase is the most critical aspect. Put your plans on paper and your agreements in writing so you can manage expectations," the duo explained to Hello Beautiful. Making a realistic plan and ensuring that everything is in writing will protect you and keep your project on track. Even when you feel like you can trust your contractors, things can still go sideways, so creating a clear agreement is important.

In their interview with Domino, Andy provided additional advice on this topic. "Make sure your contract has everything you need, without any loopholes. It's essential to draw one up before you start any work on your home." Without a clear and concise contract, you could be taken advantage of. It's important to first, set your expectations, and second, make them very clear to everyone on your team.