Flipping Houses

Flipping Houses

A lot of people these days are preaching 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’ll want to hang onto a piece of property, although you’ll only be interested in keeping certain types of property. If you’re 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. What this means, is that you buy a house in bad shape, do the repairs to fix it up, 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 least amount of time. A good real estate agent can help you with these techniques.

The second way you can flip a house is though wholesaling. Wholesaling involves finding a home for sale then flipping it to an investor for a fast, yet small profit. To do this, you’ll need to know the real estate investors in your area, the types of homes 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. I recommend you join a real estate investment club to find investors that you can flip to as well as learning the ropes in this type of business.

The third way 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. Again, a real estate club is ideal to learn these techniques.

If you’re looking to break into the real estate market and make big bucks, you’ll need to learn all about flipping houses. Flipping houses is very profitable, especially once you have learned the basics. The first and third methods are the best, although they will both take quite a bit of work on your part. Restoring homes isn’t easy, and you’ll need to have a team qualified to handle any repairs. Assigning the purchase may be difficult when you first start out, although it will get easier with time. 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.

A word of warning. Real estate agents don't like working with investors that use and abuse them. As an investor it's best to work with several agents. Sit down with them and tell them what types of deals you are interested in. That way if the agent runs across a deal they feel you may be interested in they can contact you without wasting a lot of their time running you around town looking at houses.

If you are looking to buy or sell a home in North Texas please take a moment to fill out the form below and you will be put in contact with a top notch RE/MAX real estate professional who can handle your real estate needs including referring you to a mortgage lender.

Home Buyer / Home Seller Form

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If you have been considering the purchase of a new home, there are several distinctions between the DFW market and the national averages. Learn more about the DFW housing market at: DFW Housing Facts

Real Estate Guide - Answers to your real estate questions.

Much more than flipping houses discussed back at the Home Page