Flipping a House For Cash
A lot of people these days are advocating the buying and holding
method of gaining wealth with real estate. There indeed may come a
time in your life or business when you’ll want to hang onto a piece of
property, although you’ll only be interested in keeping certain types
of property. If you’re just starting out, flipping a house may be an
ideal way to get started.
Mainly, there are three methods to flip a house, although each one has
it’s 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 by wholesaling. Wholesaling
involves discovering a home for sale then flipping it to an investor
for a fast, yet small profit. To do this, you’ll 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, you’ll 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. With this
method, you’ll be required to buy the house. Instead of closing the
deal yourself, you’ll 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 don’t need
to have your contract worded any special way to be legal, although you
will need to determine the assignment fee.
If you’re looking to burst into the real estate market and make big
bucks, you’ll need to find out 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 isn’t
easy, and you’ll 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 - you’ll be an expert at flipping homes in no
time at all.
ABOUT THE AUTHOR
Bob Schwartz, is a Certified Residential
Specialist, CA licensed real estate broker with
www.Brokerforyou.com. Bob
has over 27 years of residential real estate experience, authored a
number of published articles and served as an expert witness for
San Diego lawyers. You can contact
Bob via e-mail at bob@brokerforyou.com or visit his highly popular
San Diego real estate website at:
http://www.brokerforyou.com
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