Intro to House Fliiping
August 16, 2008
You are reading this article because you want to make money flipping/rehabbing homes, and thats great, but it's time to get started. Educate yourself, Yes, but do something as well. Practice by looking for homes and doing your research to know about the neighborhoods that are looking ripe for rehabs. Run your numbers, price your materials, find your financing, talk to other investors. One of these homes you are "practicing on" will actually be your first rehab.
There are few business that can make you as much money, with as little start-up cost, in as short a time, as investing in real estate. In fact, more millionaires made their fortunes in real estate than in any other business. Don't fool yourself though, this is a risky business and not everyone succeeds their first time, in fact most don't, but you only fail when you stop trying.
Many real estate investors make $5,000 to $10,000 or more by flipping houses. These homes don't need much work so they go right on the market after they are acquired by the investor. Since they were bought right from the seller most of the time without Realtors involved the cost is significantly less.
Other investors buy homes from distressed sellers but the homes need a little work. This is a very profitable avenue if done right. If you put 5% down on a $100,000 home, spend $5,000 fixing the house up, and another $3,000 in payments, your cash investment totals $18,000. If you sell the home for a $70,000 profit like many rehabbers, you can see that your return on your investment of $18,000 for two months exceeds the stock market where returns of 15% are mind blowing.
Some say the most important issue is how you fix up your house. True this ensures that you quickly attract a buyer willing to pay top dollar for your transformed property, but without buying at the right price it doesn't matter how nice you make it look you won't make money. Investors using Design Psychology strategies for fixing houses sell their homes, for more than the asking price and faster than the other homes in the area.
Justin Nelson writes on Real estate Investing. Visit his blog to learn more on the subject at http://advisehouseflipping.blogspot.com/
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