Flipping houses has become quite the popular real estate investing method…
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
- Buy houses in marketable areas.
- Use hard money to purchase and fix.
- Never take more than 30-45 days to fix any house.
- Stay in affordable price ranges, if you don’t want to hold the house long.
- The house must “look and smell” pretty.
- Cheap work isn’t always the best option.
- You MUST be on the job site daily to make sure work is getting done and done correctly.
- Always account for about 15-20% miscellaneous rehab cost. (Okay, so that one was a bonus… lol)
- 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.
To Your Immediate and Lasting Real Estate Investing Success,
- Seller Financing Secrets
- About The 22 Month Retirement
- Lease Option Secrets
- How To Find Buyers Before You Have A House To Sell
- Using Options To Buy Homes For $10