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Flipping Houses in 2009. Now is the Time to Learn How to Flip a House for Profit  

Article by Stewart Kline

If you are looking for an opportunity, then you should read this article. In 2009, the current economic conditions have created many foreclosures. If you are an investor looking for a way to prosper in these economic times, then you should learn to take advantage of the current market by buying and selling, or “flipping houses,” for a quick profit.If you have been thinking about investing in real estate by fixing and flipping houses, you will first need to educate yourself on what type of property to buy, and what to do once you have found it.Here are 3 useful tips for finding that perfect home to flip.1. Learn to understand the market you are in.Your first task is exploring your market; this will help you to know a deal when you see it. Look at the homes for sale in your area and keep track of sales and how long it takes the homes to sell. Ask the selling agent about the terms of these sales. Why? Because this will help you to understand how sellers are marketing their property (some of this information is actually public record). For example, if the seller paid all the closing costs for the buyer, did the price then go up from the listed price? Or, did the seller lower the price and also pay the buyer’s costs? You need to closely examine the sales that sold quickly. What home features and financing options caused the quick sale?2. Learn when ugly means money in your pocket.When you first start out flipping homes by buying fixer uppers, you will want to find homes that only need cosmetic work. Look for homes that just need to be cleaned up, painted, or maybe new linoleum. Try to use your imagination when looking at these homes. Try to visualize the finished home as you look at the structural features and the surrounding homes. Try to buy the ugliest house in a good neighborhood and make it one of the nicest in that neighborhood. A little paint, and elbow grease can go a long way.Don’t be afraid to look for fixer uppers with peeling paint, holes in the wall, stained carpeting, and trash in the yard. You know that these houses won’t look good to most buyers, but you also know the potential that the home has.3. Learn when to pass.When you are new to this game of real estate investing, always know your limitations. Use caution when looking at homes which might need expensive structural repairs. Some rehabbers replace entire walls, plumbing, sub-flooring, or the homes electrical system. But these are skills that they probably acquired after many years of experience, or they have the money to hire a contractor.If you find a house with structural problems, get some estimates from contractors to do the work. If the walls are cracked, then you may need new sheet rock and unless you know how to do that you will need to hire a professional. Look for obvious signs of plumbing issues such as water stains under sinks and loose or rotten flooring. Take all estimates into account before deciding whether or not to purchase a property that needs extensive repairs. Any large expenses will decrease your eventual profit.If you want the best chance for success, you need to educate yourself first! Why would anyone want to do all of this hard work flipping houses? And how much does the average home flipper usually make? In Pennsylvania real estate investors are seeing a profit of about ,000 on average. In Southern California, smart investors are making ,000 to 0,000 on each flip.When you find a garbage-filled, roach infested house in a neighborhood, take out the bug spray, and get ready to make a difference. In the neighborhood and in your bank account.You can make a fortune fixing up houses. Learn your market. Learn when “ugly” means a profit in your pocket, and learn when to pass and keep looking for the house with hidden potential. Make 2009 a banner year and take action toward securing your future. Opportunities abound in the real estate market right now and those in the know are getting on the bandwagon. Being successful is not only about motivating yourself, it’s about seizing upon an opportunity when it presents itself. If you are truly interested in making money then this is one of those opportunities that you need to take advantage of!Charrissa Cawley, a former stay at home mom, has authored a new comprehensive “how to” guide for making more money, in less time, than you could ever make working 8-10 hour days for someone else.Charrissa offers a Real Estate Power Course which contains accurate and proven real estate strategies for investors of all different levels who are interested in capitalizing on the current real estate market. For more information visit http://www.realestatepowerinvestors.infoFlipping HousesFlipping Houses

About the Author

Stewart Kline writes regularly about business related topics. I hope you enjoy this article.

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