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Flipping Houses: Creating a Fortune in Real Estate  

Article by Tania Penwell

You can flip your fortune just by flipping your house. If you really want to make money in real estate then you need to learn the basic principles of flipping a house. You can buy a house with no down-payment options through various loan programs, fix it up, and then sell it yourself. You can sometimes make enough profit to finance your new home with cash down. If you make enough profit then you may even think of another flipping property.

A good way to start is by locating your dream home and start working towards making it perfect for selling. Try to find a house that requires minimum structural repairs. Paint it on your own. Renovate your house with new carpentry works, plumbing and lightings and your house will be ready for sale – fetching you considerable profits to finance new projects in real estate business.

Even TV shows are much inclined to promote house flipping now-a-days. These shows will guide you through the essential tips to flip your house and maximize your profits. All you need to know and remember are the basic house flipper’s tips to save your money, effort and time. Setting an achievable timeline helps to plan and sell the house fast.

You should make an effort to know the buyer’s psychology. If you can make your home look good and feel comfortable then you will find many buyers ready to buy your property even at high price. The first impression of the house actually makes it saleable. Do not forget to harmonize the outside appearance of your house with the inside delicacies. Your target buyer should start liking the house even before entering it i.e. on the first look.

Flipping is all about renovating and selling your property. So it is better that you do not impose your tastes on your buyers. Keep the look of your house neutral so that the appeal is universal. Paint it with neutral colors and use carpets that are not too ostentatious in terms of colors and designs.Baths and Kitchens are the two most vital issues of concern in your house. The fittings can be expensive and replacements could be a head-ache. It’s best to keep these areas clean to avoid costly replacements. If you want to make your property look attractive to potential buyers then you have to maintain cleaning schedule and a proper cleaning kit. Keeping these areas grease and odor free is a challenge. Bleach and baking soda are two essential elements that help to keep the bathrooms and kitchen clean and look renewed even after heavy use.

Bleaching should be done with care as it often fades the color while cleaning the dirt and grease. Baking soda is less abrasive and can be used on steel surfaces and porcelain with a wet sponge to produce excellent results. It also deodorizes by eliminating the wet and bad odors.

Bleaching your toilet regularly is a good idea to make it look clean and healthy. Using both the agents remove hard stains and grime from marble and porcelain items. You can use burn buster stains and wax removers to clean stubborn stains without actually causing damage to your accessories and fittings.

Hiring a good contractor to supervise your renovation could be a good idea to speed up the pace of your flipping project. A contractor who knows his job quite well is also more capable of tackling renovation problems. In this way you can safely maintain your timeline to finish the remodeling and make your property ready for sale.

You should be ready to complete the paperwork and legalities for sale of your property. Obtaining permits, contracts and receipts, insuring the property against damages require preplanning so that your renovation is not put to a halt after it starts. Monitoring the progress of the renovation work is equally important.

Last but not the least; prepare a budget that is stretchable. Renovation often demands a little overspending or unexpected spending. You budget should be flexible enough to incorporate such changes.

About the Author

Tania Penwell provides information on flipping houses and other real estate topics for Real Estate Savvy – your guide to real estate.

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