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Josh Altman Shares His House Flipping Advice

The agent reveals how to get the biggest bang for your investment.

By Jocelyn Vena Oct 8, 2014, 11:29 AM ET

Potential house flippers, take note. Josh Altman has some expert tips on the right way to flip a house.

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The Million Dollar Listing Los Angeles realtor shares that the golden rule of real estate is one of his key pieces of advice.

"It's all about location," he tells People. "If you buy in a prime location, then the chances are you're gonna make money on it, especially in a market that's going up."

Next he says to go out and do some research. "It's important to be familiar with the market," he says. He adds that potential house flippers should see what else is on the market. And to consult with a realtor.

When you do finally commit to a home, he shares don't renovate for the house you want, but the house a buyer wants.

He explains, "It's not so much about what you want to do with a house when you're flipping a house. It's what sells the best, what sells for the most money."

He adds, "Step outside the box... you're designing it for the buyer."

So where should you spend that dough? Kitchens and bathrooms. "Kitchens are the new hangout. Make sure the kitchen is great," he advises. "Open floor plan is the new hot thing."

And don't forget the house's curb appeal. He notes, "It's like a first date, first impressions are the most important."

[Source: People]