Turn on the TV almost anytime during the day or night and you’re bound to find at least a couple of shows about flipping houses. Some provide an advisory about overextending yourself financially or making other novice flipping mistakes, but the vast majority end up advocating extraordinary profits.

Appealing, right? If you’re getting ready to throw down cash, here are a few things you might want to consider.

Do you have the cash needed?

Sounds understandable, but do you really know the financial stakes involved? The first expense is property acquisition cost. While low to no money down financing claims proliferate, finding these deals from a legitimate vendor is easier said than done. Also, if you’re financing the acquisition, that means you’re paying interest. Every dollar spent on interest adds to the amount you will need to earn on the sale just to break even.

Also consider you will have carrying costs including utilities, property taxes, and HOA fees where applicable.

If you don’t have enough cash to purchase a home, the next cheapest source is a home equity line of credit. These are low-interest, variable-rate lines of credit that are secured by either your primary residence or investment property. Typically, the rate is set about 1–2% above the prime rate. You need to put this in place before you bid on any homes; then you can bid on the home as a ‘cash deal,’ rather than as a ‘financing deal.’

Location, location, location…

I can’t stress this enough. Find a home in a desirable neighborhood, where people want to live. And keep in mind the accessibility factor for potential buyers. You will work on this house daily in the weeks and months to come.

Develop a relationship with a REALTOR®

Tying to maximize profit by selling a flip yourself rarely works out well if you don’t know what you’re doing. If you think trying to figure out if the wall you want to take down is load bearing is complicated, just try to figure out disclosures and conditions without going to real estate school. The money you spend on a REALTOR® commission can be well worth it for the ability to concentrate on other things and know the sale is in good hands.

Beyond getting the home sold, good real estate agents can be helpful in other important ways when it comes to flipping. They can help you find great deals, get you comps, and help you connect with lenders or contractors.

Check the comparables (CMA)

Again, the smart reason to have a REALTOR® on your side. You can’t make a smart decision on buying, fixing up, and flipping a house if you aren’t aware of the prices in the neighborhood. And that might be easier said than done. In states like Texas, home sales are not reported and are not public record like they are in states like California. Do your research so you know what you’re up against.

Make intelligent improvements

Understanding where to spend your money is key to a successful flip. You don’t want to leave key areas untouched but you also don’t want to over-improve for the neighborhood. Home improvements that increase the value of a home might include upgrading kitchen appliances, and repainting the home’s exterior. On the other hand, avoid home improvements that won’t increase the selling price, like installing a whirlpool bath, or adding a deck to the home.

Partner with reputable professionals

Everyone you work with has the ability to make your flip a success or ruin it. Partner with those you can trust, and don’t forget to make sure they’re qualified. An inexpensive subcontractor that does a substandard job on your improvements can end up costing you so much more when you have to have it redone by a professional.