Rehablist: Flipping Houses for Quick Cash
Rehablist: Flipping Houses for Quick Cash
Flipping houses is the easiest and the fastest way to earn in real estate investing. It probably is the easiest to remember as well. Just think of the word "flip." It means to toss, flick, or spin. These words refer to a quick action. In the real estate investing business, flipping means quick sale for quick cash.
There are several ways to flip a house; Wholesaling is one. It is recommended for beginners in the real estate business. It doesn't require huge amount of money from the investor because he doesn't need to buy properties. He just needs to look for a buyer. This transaction is usually urgent.
This is wholesaling in a nutshell. Suppose a home seller contacts you. He wants to sell his house immediately. You come to him and make a contract stating that he will sell the property only to you within one week. You have the right to buy the property within a week. Next thing you do is to look for someone who wants to buy the property, meaning they have the money. You will sell to that person your right (contract) to buy the house. To close the deal, you will use the buyer's money. The deal closes in a title company. When everything is done, you will get your assignment fee, your profit from transacting the deal. Remember, this transaction may take less than a week to happen. Quick cash isn't it?
Rehabbing is another way of flipping houses. It's not as fast as wholesaling, but still, it's a sure way to earn huge profit. Rehabbing is buying a rundown house, improving it, and then selling it at a much higher cost. A house rehab usually takes 2 to 3 months. It is a complicated process because an investor must do some renovation and repair. The key to a successful house rehab is to "buy low then sell high." Not all cheap property is a good investment. Before buying it, estimate the repair cost. Usually if the repair cost is too much, it is not a worthy investment.
Flipping houses may sound easy but nothing is easy when you're just starting. If you really want to take your real estate investing career seriously, you must invest first in your knowledge. Read articles on the Internet. Videos are also available. There is a lot of information out there but choose only the best. Listen to people who have adept experience in flipping houses.
Learn more on how to flip a house at RehabList.com.
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