AdobeStock 117907355So you’re zeroing in on your very first real estate investment purchase: a home with potential that you're planning on flipping. Congrats! But now it's time to get to work.

Just be aware: Even if you spend weeks, or months, getting your investment property ready to sell, these efforts don't necessarily guarantee profits. To give yourself a greater chance of making money off of your flip, you'll want to avoid the following mistakes.

1. Hanging on for too long

Read more: 4 Money Missteps to Avoid With Your First Home Flip

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