Methods to Flip A House
Many people these days are discussing about the buying and holding method of gaining wealth with real estate. There indeed may come a time in your life or business when you want to hang onto a piece of property, although you’ll only be interested in keeping certain types of property. If you are 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 it’s own terms, motivation, and type of property.
The first method is known as RETAILING.
Retailing, is that you buy a house in bad shape, do the repairs, 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 shortest time.
The second method is known as WHOLESALING.
Wholesaling involves finding a home for sale then flipping it to an investor for a fast, yet little profit. To do this, you’ll need to familiarize the real estate investors in your area, the types of houses 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 method to flip a house is by ASSIGNING THE PURCHASE.
Using this method, you’ll commit 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 are looking to break into the real estate market and make big monies, you’ll need to learn all about flipping houses. Flipping houses is very profitable, especially once you have learned the basics. 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.