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Secrets Of House Flipping Jan 22

Flipping houses has become quite the popular real estate investing method…

…especially because of shows like property ladder, flip this house, flip this house, and others.

Now, let’s clear the air. Flipping houses means to buy a house at a discount, then to turn and sell the house quickly at a higher price (or flipping it for profit).  Flipping can really be applied to anything that you buy at a price and then turn and sell at a higher price. This is also why the term “wholesaling houses” is sometimes used.

Flipping houses now, though, has become synonymous with buying houses at a discounted rate, usually needing a substantial amount of repair, then fixing it up to look really pretty and marketable at a retail rate and selling it.

Thus, the term “fix and flip” is often used.

This is a very, very good way to make money in real estate.

7 Tips To Help You Flip Houses For Profit

  1. Buy houses in marketable areas.
  2. Use hard money to purchase and fix.
  3. Never take more than 30-45 days to fix any house.
  4. Stay in affordable price ranges, if you don’t want to hold the house long.
  5. The house must “look and smell” pretty.
  6. Cheap work isn’t always the best option.
  7. You MUST be on the job site daily to make sure work is getting done and done correctly.
  8. Always account for about 15-20% miscellaneous rehab cost. (Okay, so that one was a bonus… lol)
  9. Don’t let “ugly houses” scare you.  You’ll be shocked at what new drywall, carpets, and paint can do.

Just because this is one of the oldest and most “popular” ways to make money in real estate doesn’t mean that this is the way you should go.  It’s just one method.  It has more than it’s fair share of troubles… I guarantee you that.

Remember, house flipping doesn’t mean buying ugly houses and fixing them up…it means buying houses at a discount and turning them quickly for a profit.

So, make sure to check on these other methods.  They almost always produce quicker pay days, less headache, and you don’t have to personally sign for a loan.

Option Secrets (How To Control Houses For $10)
Lease Option Secrets
Seller Financing Secrets

To Your Immediate and Lasting Real Estate Investing Success,

Kenney :)

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6 Responses

  1. yea its a good source of income and get good amount of profit … but the only and main thing is CASH flow with you to invest in house and for that time period u need to hold ur money invested

  2. 2
    Kenney and Kim 

    Hey What’s up Truck Trader? Nice to see you here.

    Actually, that’s exactly what this blog is about…Being able to invest in real estate and retire in 22 months without using long term investments, and very little money. Usually only $10 here or there and a couple of ad purchases usually around $120 in big cities like Dallas, Texas.

    Check out this page to get more info: The 22 Month Retirement Real Estate Investing Challenge…

    Hope to see you around here soon.

  3. 3
    Joshua 

    Hey you guys are giving real good advice and making it simple. I’ve done exactly what you have about 4 years ago. I did not put down $10 I just did $1 in most cases. When I closed my first deal I started putting down $100 on options to purchase contract. I think you’ll need to mention to your audience if they could get their option notarize it will be a great added bonuses. It will gives you more control of the deal and make your option more legit. You will actually be able to file that option with the court houses and they can record it so no one goes behind you back. I’ve never had that problem but it’s good to know you can do that.

    I’m starting do commercial investment any tips you guys have I would love to know.

    Thank you
    Joshua

  4. 4
    Kenney and Kim 

    @Joshua: First J, I love your name, it was my brothers name too. Thanks for the comment, and your welcome. Yeah, any amount is fine to option with as longs as it’s something, I mean you’re not taking their house off the market or anything, just getting the right to sell at a predetermined price. It just has to be some amount so that the contract is legally binding and so that it holds up if need be.

    Yes, you can get it notarized and filing it could be a good decision. I don’t only because when I am making my “pitch” to the seller I tell them that they don’t have to take it off the market and if they sell it before me awesome. This makes it less “risky” for them and lets me get more deals in contract. I know that I am going to get it sold before them so I don’t worry about it. Also I find that whenever a seller lets me option their house they don’t even try to sell it any more, they let me handle it.

    As far as commercial stuff, for the most part handle it the same (or similar) way that you’ve done with single family properties. Don’t write big check, don’t lose big check. Don’t become personally responsible for loans… just things like that. You can do it just the same your just using bigger numbers. Talk with ya soon.

  5. 5
    charles 

    This site is like house flipping for dummies.

  6. 6
    Kenney and Kim 

    lol…. yeah something like that. funny way to put it ;) I take it as a compliment. Thanks. I hope that there is a lot here for people to learn about this biz.

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