I remember the first time I watched 'Flip That House' on
cable television. It's amazing how somebody can take an
old dilapidated property and turn it to a goldmine, all in
about 30 minutes!
Is it really that easy? Find a beat up shack for a low
price, throw a couple hundred dollars in repairs, and then
sell it to make giant gains?
You might think that flipping a house just as easy as
flipping a pancake, but the truth is that there is a lot of
hard work, sweat, and risk involved with such a venture.
House flipping is not a 1,2,3 we're all now rich type of
investment and there's no guarantee there you'll make a
profit. Unless you know what you are doing, you stand to
loose your shirt.
Successful home flippers know the industry inside and out.
They know what to do when things are going good and when
things will turn south. They know what deals to take, when
a property is overvalued, and when a property is to run
down to fix.
They have partnerships with contractors to do home repairs
and remodeling. They also don't pay a Realtor to list and
sell the home since they have their own sales team. Most
importantly, successful home flippers don't work with one
house at a time. Instead, they buy many homes at once and
then get them fixed, back on the market, and sold within 2
weeks. If they can't sell the home in that time, they lose
money.
This doesn't mean that there isn't money to be made by
investing in foreclosures. You just have to educate
yourself about real estate investment. Here is some
practical, easy to remember, advice for you to keep in mind:
Educate Yourself - Learn what you can about house flipping
and real estate. Read books, watch videos, and talk to
experts who have done it before. The more you know, the
more you stand to be successful home flipper.
Find a Mentor - Work with somebody that has successfully
done a profitable house flip. This will allow you to get
an in depth insight on the industry that you might not have
known before hand.
Observe and Assist in an Actual Flip - It only makes sense
that you watch a home flip from start to finish. You might
even want to do some work on the flip. This real world
experience will teach you lessons you would never have
learned if you decided to go at it alone. You will get a
greater picture of the house flipping process and increase
your chance of a greater profit.
It is very possible to turn a home flip to a substantial
profit in a relatively short amount of time. But it's not
as easy as they make it out on TV. It's a stressful job.
There's is a lot of long hours and hard work. There's a
lot of money to be made ' and lost.
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Without a doubt, the best properties to flip are
foreclosures read more here:
http://investingforeclosures.com
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