If you want to make a small fortune – or even build a real estate empire – with house flipping, you need to follow some basic smart tactics for making the best deals:

1. Make a lot of your money when buying the house. Many people assume that they will make their profit when selling the house they have bought, but in fact a lot of your success will be determined early on, when you are buying. You need to find a great deal in the best neighborhood possible. That is the tactic that ensures good profits down the line.

2. Think quality. Shoddy renovations will only hurt the value of your property – and your profits, eventually. It is very important to offer a quality property with great renovations and improvements. If you want a deal, do some of the simplest work and cleaning yourself (if you have the skills) or try to find the best deals on materials.

3. Get a second opinion. Do not scrimp on an assessor and inspector. There may be a problem with a home that affects its value, so do your research upfront. Certain issues – including roofs, plumbing, zoning issues, and foundation problems, to name just a few – are very difficult and pricey to fix.

4. Make realistic choices about selling price. Don’t be greedy and try to price the house out of the market, especially if you did not do very much to the house in renovations and additions. Consider how much money you put into the property, but also consider the market and the cost of similar homes in the area. If you cannot make a decent profit with house flipping from a specific property, consider renting it out or leasing it rather than trying to make a quick buck.

5. Set the stage. Staging a property means adding rented furniture to each room as well as a few personal items (such as books or candles) so that potential home buyers are drawn to the property. Be careful not to crowd the house with too many personal items and too much furniture, but do add enough to create a pleasant viewing experience. Do not overlook scent either – air out the property so that it smells great.

These simple strategies are used by real estate professionals with great success. If you want to make a tidy profit with house flipping, follow these five best practices.