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Flipping Houses As A Way To Easy Cash In Real Estate Investing
Flipping houses is often known as the quickest and easiest way to make cash as a real estate investor
. Lots of real estate investors flip houses wrongly because they have no idea how to approach it.Here are a few reasons why you should be flipping houses as a business model.
1)You need little to no money of your own
Wholesaling houses, or flipping houses, involves buying houses low then flipping them at a higher price for profit.
You usually flip the house to another real estate investor cash buyer.
Once you locate a cheap house, you sign a contract to buy the house. The earnest money needed for this is little, from less than $100 to around $500.
You then take the contract to a real estate lawyer or title company to begin title work.
As title work proceeds, you identify a buyer, usually a real estate investor. Depending on the profit potential at hand, you sign a second contract to sell to the real estate investor.
You can do a contract assignment where you assign the contract to the real estate investor. In this case the property is bought by the real estate investor buyer on your behalf. In other words, the wholesale buyer gains the right to buy on your behalf.
Generally, you do a contract assignment when you do not stand to make a lot of money. The real estate investor buyer will find out how much you make in the deal.
You can also do a double closing, also called a simultaneous closing, where you buy the property, the flip it to another real estate investor on the same closing table. The contract you sign in this case is one where you sell the property as your own.
So in this case, you do two transactions, one where you buy and one where you sell. Your wholesale buyer will not find out how much you earn in the transaction because you sell the property directly to him.
Simultaneous closing is better where you stand to make more money so you do not want the wholesale buyer finding out how much you make.
You probably just need earnest money to close a deal for flipping houses.
2)Only a little work is required for this
When you flip houses, you never fix up houses, the wholesale buyer does. All you need to do is locate houses under market value, then flip them to other real estate investors.
3)You cash your check fast
Generally, it takes 3 to 4 weeks or faster to get paid in a wholesale deal. As long as title work is done and there is cash to close the deal, the deal is closed.
4)No hassles involving management
No need to worry about tenants; you never keep any houses. You do not have to worry about rehab because your real estate investor wholesale buyer is the one that does repairs, not you.
When all is said and done, you will get a healthy cash flow flipping in real estate investing.
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