There might be a book that is entitled “Flipping Houses For Dummies”, but I won’t rely solely on just a book. With the predictability real estate marketing, extremities are observed; there are seasons when every realtor is making sales, there are days when it’s almost close to bankruptcy.
Ironically, most people who have acquired riches in real estate will tell you that it is still a profitable business. One of the strategies in getting richer in the real estate industry is flipping houses. It is a terminology used to describe the quick sale made for a newly acquired real estate property. Flipping houses are being done by not only dummies or agents but also some wealthy people who want to gain more profit out of the real estate business.
Flipping houses may appear impractical since statistics would show a lot of foreclosures mushroomed right after the dawn of recession but not for “flippers” who are taking advantage of this situation. Foreclosures happen when one can no longer pay the bank for the amortization. Since banks would probably have a lot of foreclosed properties their goal has become selling the foreclosed property as soon as possible. This is when flippers get into the picture. They purchase the house then sell it after some repairs. Cunning it may seem but this has been the trend in the market that most people have practiced.
In this kind of business, it is important to have a very wide network. With the nature of the process, it requires a lot of connections to quickly sell the newly acquired property. Flipping houses has been a growing business for so-called “dummies”. It has been a way of living for most real estate agents. Thus, many people have diverted attention to this growing and profitable business.
Goal setting is important to be successful in flipping houses. You have to decide whether you want to own real estate or to become rich. The tempting challenge for dummies happens when a real estate of good condition is acquired. The question would always be “should I own this house or should I sell it again so I can buy a new one and acquire a better real estate property?” A lot of investors flip houses without taking the title under his name. As soon as the property is bought, he then finds a buyer that will take the title. This way, minimal charges apply. It is clear that from that some earn from the amount of money profited from a property bought at a low price but sold at a higher rate.
For someone already aware of this kind of business and has funds to invest in a real estate for quite a short amount of time, flipping houses indeed are going to be a profitable business. Flipping houses works mostly in a market where there are prospects economizing when purchasing a home. There is nothing wrong really from purchasing a real estate property below its market price then quickly selling it to someone who has urgent need of a house. Connections will surely help dummies profiting from flipping houses as they would be a sure buy for a real estate property possibly frozen and waiting to be sold.
If done properly, even a dummy can flip a house.