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Flip Houses — How to Do It Right  


Article by Ron King









Flipping house property for profit can generate good income – if you get it right. If you want to flip houses, then you need to learn the market. Understand what would turn a ‘bad’ property into a ‘good’ property. And most essentially, realize that no matter how much refurbishing you carry out, a really bad location cannot be changed, and so you should usually pass.

If you are new to flipping houses, then being realistic about your own limitations is a good start. To successfully flip houses that need major structural repair requires experience. When you first start out you really want to buy and sell on as quickly and easily as possible.

Be cautious with regards to buying a house that needs obvious structural repairs. You can virtually guarantee there are less obvious related problems that will be uncovered later on. A big problem usually indicates several smaller problems. Houses that need plumbing and electrical work, or new walls and structural beams requires years of experience and skills in these areas – or a big budget to pay professionals. You may well find that the stress involved in organizing and paying professionals will not be reflected in your profit margins when it comes to resale.

Investors who know how to flip houses can make a lot of money. However, there are newcomers who will, unfortunately, end up counting their losses: simply because they took on too much.

It is important to make a sound decision because mistakes can be costly. So your first objective is to know your market. That way you will actually know what is a bargain when it comes your way. Before you jump in and try your hand at flipping house property, keep track of how long houses in that area are taking to sell and what the average price is – what type of house is making the quickest sale? If you want to flip houses successfully, you need to find out what the average buyer is looking for.

When you first set out to flip houses, opting for a property that needs just a little cosmetic work is the more realistic choice. Houses that need a paint job and new floor coverings can make money. Do not shy away from smelly houses! They can be goldmines. Good hunting!



About the Author

Click House Flip & How To Buy Property & Properties To Buy for more info. Copyright 2010 Ron X King.











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