Flipping Real Estate – An Easy Way to Get Rich

If you try to browse the internet, you will see a lot of topics on how to acquire wealth. Getting rich is probably what many people desire but very few get what they want. Do you agree with what experts say that an easy way to get rich is by Flipping Real Estate?

Entrepreneurs are always looking for ways to attain extreme wealth but they are also struggling to manage their finances and the business. There is never really an easy way to earn extreme wealth. You should work hard for every penny you earn and that also applies to real estate investing. Even if other investors are quite successful in the real estate flipping business, there is no guarantee that you will have the same fate.

To ensure your success in the real estate flipping business, you should master the basicis and learn the real estate flipping secrets. You also need to learn about different systems such as automation, duplication, and delegation. When you follow a proven system for flipping houses you can easily duplicate your results over and over again. This is very important to ensure that money keeps coming in every month. Try to set realistic financial goals.

About 90% of the wealthy people in the U.S. have made their money throught real estate investing. Flipping real estate is one of the fastest ways to financial freedom but its going to take some work. Don’t believe in what infomercials claim. You must learn about the different processes involved in real estate. When pursuing your business, you will encounter many income generating opportunities like wholesaling, lease options, foreclosures, rentals, commercial properties, tax liens, short sales, being a loan officer or agent, investing in mortgages or in notes, and many others. Investing in mortgages promises high gains but you need you study how it works.

When entering the real estate business, you should start with wholesaling. Once you have gained experience Wholesaling a few houses and generating cash you can move on to bigger and better opportunities. Get lots of cash first by Flipping Real Estate then start investing in reantals., Rentals will generate passive income every month and help you become financially free. I also love Rehabbing Houses, which is buying Houses to fix up and resell for huge profit.

You see, there are a lot of things to consider when purchasing investment properties. If you don’t have the right knowledge, you will not last long and you’ll end up wasting your money. You need to ensure that your capital is protected. If you do not follow a proven system you could be spending years upon years trying to figure out how to flip real estate.

There isn’t exactly one way to be extremely rich. Well, if you’re born rich, then you’re lucky because you already inherit wealth. What about those who were born as ordinary individuals? You should not be discouraged even if you were not born with a silver spoon in your mouth. If you try to learn about the foundation and basics of real estate investing, you too can become rich.

Start real estate investing now and learn the Real Estate Flipping Secrets. You will be rich in time especially if you’re hardworking and knowledgeable. Gather all the possible information resources you can find online and offline. Read and understand the facts you obtained and apply them in your investment decisions. Even if it may take some time, you’re guaranteed to have wealth through real estate investments.

Become Financially Free Flipping Houses Today

Flipping A House For Cash

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.

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 assign a contract. Its a very simple process. 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.

Wholesaling all you to is assigning your right to purchase the property. 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.

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 wholesaling houses is the best, although you can make massive amounts of cash fixing and flipping houses. 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.

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Make Money Flipping Houses

Steps in Fixing and Flipping Houses

Who wants to be a Flipper?  Most people have seen the show flip this house and have seen a little bit of what goes into fixing up and flipping a house.  But Most people do not see all the little things that go into the process.  Fixing and flipping houses can provide huge profits for many individuals but you can also lose money if you do not do your home work and know what you are doing.

This article will show you the over view of the steps that goes into a successful rehabbing project.

Step one –Find the House

Before you can fix up and sell a property you need to find a house.  There are hundreds of different ways to market for sellers.  You can get a realtors to find you a fixer upper, you can put out signs saying you buy houses, put up classified ads, send out mailers, or drive around and look for ugly or vacant houses.

You will want to be careful and make sure that you buy the house right.  Here is a little formula for buying a fixer upper.  Take the After Repair Value of the house(ARV) x 70%   Then Subtract that Number from the repairs needed.

The Next Step is the Walk Through.  I like to Do this walk through before I close on the house, so that I know exactly what price I Need to Buy the house at.

Step Two – Walk Through the Property

You will need to set aside around an hour or more depending on the size of the house.  You will need a flash light, a note book, tape measure and a camera.

I First start in the living room, and list out everything I need to replace, Measure the Room size and note any damages you see.  I do this in every room.  You will also want to do a little more in the kitchen and bath room.  Check everything you can, make sure there is no leaks and what not.  Also measure the cabinets, Measure the counters.  Note if you are going to replace them or re finish them.

I also take pictures of each room.    If you are going to make any changes to the lay out of the house, make sure you have graph paper and draw the new layout you want.

Step Three – Put a Scope of Work Together and Material List

Next you will want to put together a scope of work and material list.  I like to create a scope of work for each different type of job, from electrical, plumbing, roofing, siding, interior.

To get a material list, if its your first time doing a project, take you scope of work to Lowes, or home depot and have someone help you.  Have them explain to you what everything is going to cost.

Step Four – Contractor Bids

Once you know what all your material is going to cost you can start getting contractors to bid on the property.   You Will to make sure you have a lock box on the property and leave 6 or so scopes of work at the house.  Call 3 or more contractors and tell them the job, tell them you have a scope of work at the house and give them the lock box code.  Also make sure you give them a dead line to get back to you, no more than a week.

Once you get all your bids back, pick the one that you feel will be the best, not the cheapest.  Pick the person who seems the most reasonable and who you think will do a good job.

Step Five – The Work Begins

This step is pretty simple.  All you are doing now is managing the contractor and making sure they are working on your project.   As a side note, never pay a contractor all the money up front.  Have a pay schedule make out and have them get paid when certain mile stones have been complete.

Step Six – Clean Up and Land Scaping

Your almost done now.  Now the work is done, the contractors are cleaning up the house.  You will want to make sure the house is spotless before you give them their final check.  Also this is the land scaping stage.  Where you trim trees, bushes, plant flower and whatever you want to do to make the outside look Great.

Step Seven – Marketing the house

Slap a for sale sign in the yard, market your house on every free classified site you can find online, or Get a realtor to sell your house for you.

Step Eight – Collect Your Check

If you house is priced right and looks amazing you should have a check in your hand in no time.

This was a quick over view of the rehabbing process.  There are other steps in there but I would have to write a book to ad them all.  Get out there and Start fixing and flipping houses.

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Intro to Flipping Houses For Profit

Why do people spend money on real estate seminars, read every book they can find, and hire expensive coaches? It is because flipping houses can be the fastest way to financial freedom and everyone wants to learn how to make more money flipping houses.

Get Financially Free

There are so many individuals living pay check to pay check living in the rat race.  If you think that living pay check to pay check is fun than I feel sorry for you.  You need to get out of that I am secure mindset and do something today.  I believe that flipping houses is the best ways to become financially free and not have to worry about how you are going to pay the bills, worrying what things cost, cutting coupons, shopping at discount stores, and just being Broke!  If any of these things hit home, then read on and learn how you can achieve your dreams.   It does not matter if you are love real estate or know anything about it.  Real estate can be an avenue for you to become financially free, so you can do other endeavors you want to do.

Real estate is a tried and true investment vehicle.  In the long run real estate will, with few exceptions like the recent rescission, go up in value.  In the short term real estate values can go up, down, and make your head spin in the process.  There are places like Billings Montana where historically real estate has risen around 3 percent every real consistently.  You do not have to worry about crazy swings over the years.

There are hundreds of different ways to make money flipping houses today.  You can buy and hold, fix and flip, wholesale real estate, lease option, subject too, bulk reo’s or simply loan out your money.   All of the other options are great and can be a great way to earn profit.  Buying and holding strategy should only be used when you have some good cash reserve built up first.  The buy and hold strategy is used to create long term wealth through rental property and rental income.  Unless you have a lot of money saved up then start in other places and work your way up.

Best Strategy to Get Started

So if you are looking to just start out in real estate investing, I would recommend that you start off wholesaling.  This method is simple and uses no cash a lot of times.  All you do is find a property, get it under contract for a good price, and then assign the contract to another investor.  It’s simple enough.   Preston Ely’s wholesaling course is the best on the market today.

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You can use this strategy to build up your cash reserves, so that you can start buying and holding for long term wealth.  I recommend that you whole sale ten properties then buy a property to hold.   Wholesale another ten and then buy one to keep.   This way you will not become one of those land lords who is cash poor.   You have to have substantial cash saved up to make sure you can pay for necessary repairs, make the payments if you do not have a tenant in the property and just have money if something unexpected comes up.

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Flipping Foreclosures

What is Flipping Foreclosures?

Flipping foreclosures is becoming the hottest real estate trend.  With banks foreclosing on millions of houses in the United States there are lots of great deals out there.   Flipping foreclosures is simply finding cheap bank owned houses and then selling them to other investors for a profit.  How simple is that?  All you have to do is find the house, find the buyer, fund your transaction and then collect your check.

What is the best type of house to flip?

The best type of house to flip is a first time home buyer house. 80% of property sold in the last year sold to first time home buyers.  These are the easiest types of houses to find and sell quickly.  A first time home buyer house is a house located in a working class neighborhood.  Neighborhoods where you don’t see a lot of huge houses but all of the houses are nice and well maintained.   The average house is a 3 bed 1 or 2 bath, ranch style house.

The best types are houses in these neighborhoods that are somewhat Junkers.  That way you can have more room to negotiate, which results in you getting a lower purchase price. Banks will negotiate on Most Junker property.

So why do we want to be flipping first time home buyer houses?

Other investors, rehabbers, and land lords are buying these types of houses.  And we are just flipping the house quickly to other investor buyers.   These houses are by far the easiest to sell.

Where to Find Foreclosed Deals?

MLSInternetRealtorsVacant HousesBanks

The Problem with Wholesaling REO deals

There is one major problem with flipping foreclosures. Banks will not let you assign the contract.  So you have to come to closing with the money to close on the REO.   How do you do this when you have no money?  You get what is called transactional funding.   So you simply have your transactional funder fund the deal under your end buyer closes.

Where do you find the Buyers?

Let me tell you that buyers are everywhere.  Even in the current market there are hundreds of buyers looking for great deals.  So where do you find the buyers?  Here is a quick overview of where cash buyers hang out.

Foreclosure Auctions- If People are Bidding on property you know they have to have cash to buy.Real Estate ClubsMLS- Look up Who Has Bought Property With Cash

Once you have your buyer simply get him to sign a contract and then close and cash your check.

Wholesaling or Flipping Foreclosures is such an easy way to make lots of money in our current economy.  There are millions of foreclosures on the market and more coming every day.

What are the Keys to Success in Wholesaling Foreclosures or Flipping Foreclosures?

The key is to not be greedy.  For one there are millions of foreclosed houses out there.  Another thing is that you want to make sure that your wholesale fee is reasonable.  Make sure the investor has room to make $20,000 or more.

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