lot of people these days are preaching about the buying and holding method of gaining wealth with real estate. There indeed may come a time in your life or business when youll want to hang on to a piece of property, although youll only be interested in keeping certain types of property. If youre just starting out, flipping a house may be an ideal way to get started.
Basically, there are three ways that you can flip a house, although each one has its own terms, motivation, and type of property. The first method is known as retailing. What this means, is that you buy a house in bad shape, do the repairs to fix it up, then turn around and sell it. There are a variety of houses in need of repairs out there, and several ways that you can quickly flip a house to net profit. All you need to know are the techniques that will get you the most money in the least amount of time.
The second way you can flip a house is though wholesaling. Wholesaling involves finding a home for sale then flipping it to an investor for a fast, yet small profit. To do this, youll need to know the real estate investors in your area, the types of homes that flip the best, and how to fund your property so you can flip it to them. If you live in a big area or a city, youll find that using the wholesaling method of flipping houses is actually easier to accomplish.
The third way to flip a house is by assigning the purchase. Using this method, youll commit to buy the house. Instead of closing the deal yourself, youll assign it to a real estate investor - of course for a small fee. The investor will take the contract over and close the purchase themselves - flipping the house. This can be very profitable, especially if you invest in the right home. You dont need to have your contract worded any special way to be legal, although you will need to determine the assignment fee.
If youre looking to break into the real estate market and make big bucks, youll need to learn all about flipping houses. Flipping houses is very profitable, especially once you have learned the basics. The first and third methods are the best, although they will both take quite a bit of work on your part. Restoring homes isnt easy, and youll need to have a team qualified to handle any repairs. Assigning the purchase may be difficult when you first start out, although it will get easier with time. If you stay at it and do your best to make a profit - youll be an expert at flipping homes in no time at all.
