subject: Rehab-real-estate.com: knowing How To Fix And Flip Houses [print this page] If you want financial stability at a time of economic uncertainty, you should know how to fix and flip houses. This business is making a many Americans richer financially free. Those who succeeded in this business are enjoying life without worries today. If they can do it, you can too. Also known as rehabbing houses, you could be on your way to success by fixing and flipping properties. Get to know this business through the following pointers.
Rehabbing houses is also called fix and flip because you need to repair the property before you flip or sell it fast. What rehabbers do is search for cheap properties that are in need of repair. They make repairs and improvements that will significantly raise the propertys value without spending much.
Because it involves flipping, you need to work fast in this business. The longer a property stays with you, the bigger your expenses will be. A rehabbing project should last for just a few weeks or a couple of months. If the house is unsold for months, it is likely to lose value. Thats the first way you lose money in a slow project. You must also maintain the property while you are selling it. Maintenance is no joke. You have to hire someone to keep it clean and ready for inspections by prospective buyers. If it stays with you for seven months then you have to water the lawn and keep some lights on for seven months. A brand new house also has more curb appeal that one that is a few months old. If the property you rehabbed is not immediately sold, it will face competition from newer houses.
While having personal money is good, it is not required when you fix and flip houses. There are various sources of financing for your project. One thing you can try is seek loans from banks. Check if you can access the HELOC (home equity line of credit). If you have a poor credit score you can always go to hard money lenders. These are private individuals who have ready money you can borrow. They are looking for profit opportunities and use a higher interest rate. The good thing with them is that they can release loans in just a matter of days, allowing rehabbers to beat competition.
Want to get to know fix and flip more? Go to rehab-real-estate.com today and treat yourself to a collection of informational articles and videos.
by: Daniel Mc Grey
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