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The Author's word Hello and thank you for reading this book! I also want to thank some of the most important persons in my life, those who are always there for me. These are the persons who supported me no matter what, for better and for worse. For this, I have to thank you Lavina, Heinz, Shoofa and Codrut. Alex, you are also here, for your support and patience.
Thank you!
Introduction Selling a property to make a profit can be a great idea to earn some money, but who has the time to wait until the house bought with money from a loan appreciates enough, so you can make a profit? No one, especially when there is another way to approach real estate: house flipping. The concept of buying a poor house, fixing it and then selling it for a profit has been out there for a long time, but it gain more awareness when the TV shows started to promote this business. However, after the crash in 2008, the bubble seemed to have busted. The reality is you can still sell real estate for a profit, if you know how to do it. And this is exactly what this book will teach you. Read on to learn how to evaluate a deal, how to find the money to finance it and how to start the fixing process. All you need to know to start the business of flipping a house is right here, at your fingertips, so read on and learn how to become a pro in real estate businesses and change your career right away. Learn to sell houses for a profit!
Bad candidates include houses in neighborhoods with a high crime rate or remote locations where there are no job opportunities. These houses usually need a miracle to happen under the shape of a huge infrastructure investment of a huge factory to become unflappable, so be realistic and evaluate your odds of being successful. Whether you buy and flip in Chicago or San Diego, you need to focus on the house when you make the repairs and remember that any flip beyond $20-$30,000 is the exception, not the norm as TV shows and make quick money? guides depict them. Yes, you will encounter highly profitable flips, which can round up your budget with astonishing sums,
but it is always better to go safe with smaller amounts. Professional flippers have around 10 flips in one year, each one around $30,000, which bring an accumulated profit. Flipping does not happening overnight Many beginners dive into the business of flipping a property believing they will fix it and then sell it in couple of weeks. The reality is these things take time! The actual repairs might last for a couple of months and then, when it is all ready you will need to wait one, even two more months before you find a buyer and one more month to seal the deal.
The newest type of flip is fixing the house with the buyer at hand. This means you buy the house, find a buyer for the house and then fix it as per the buyer's requirements. The model is emerging in Baltimore and you must know where it has the potential to work and where it doesn't work. For example, this model of flipping would never work in New York This model has its own benefits. Flipping type 2: Buy and resell as is This one is a little trickier. You need to have an eye for houses that you might sell as they are slightly below the market price. This type of flipping goes on like this: you buy the property off a hot market, and then sell it in poor condition, as it is, below the market price, still making a profit. This is a delicate business which only works in transitioning markets with a certain type of houses. The profits in this case are not that great, but you can make some money out of multiple transactions of this type.
This model has a second version: buy the property and sell it as it is to a flipper. You will make a smaller profit than a fixer, but you can make the money quicker than with the classic model of flipping. Flipping type 3: Buy, refinance and lease with option to buy This method of flipping can save you money as it can help you find someone to pay for the monthly house taxes quicker. The principle is simple: buy a property, fix it up and then sell for terms. When you finish the repairs, refinance the property at its new value; if you've done our calculations right, you wonât need to put in more money. The next step isenting the house with an option to buy after twelve months or more. The rent payments will cover the mortgage rates and when you feel the need to sell the property you will not have to pay a broker's fee. If the tenant buys the house after one year you can also benefit from lower capital gains tax rate.
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