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House Flipping: The Basics


House flipping is touted on numerous home improvement shows and has become a lucrative real estate venture for those who have a talent for seeing the potential in a property and who are also equipped financially to invest in the rehabilitation of a home in order to turn a profit on a short-term purchase and sale. If you are interested in house flipping but you don’t quite know how it works, we have outlined the basics on how to begin house flipping below.

Find a Real Estate Agent for House Flipping Who Knows the Market

One of the key requirements to successful house flipping is finding a knowledgeable real estate agent in your area (or the area in which you wish to flip), who can not only advise you of upcoming homes in need of rehabilitation, but also of homes that may just need a facelift. You could either work with a realtor on a free-agent basis (using whoever you want until you find a house), or you can sign an agreement with one particular agent who you will use exclusively. Having an exclusive arrangement with a realtor will give that agent more incentive to work with you and to find you the types of property that meet your particular needs. Generally speaking, realtors will be less inclined to give you their all if you are jumping from realtor to realtor.

Consider Homes for House Flipping That Are Within Your Budget and Means

Although many people rave about house flipping, it’s important to not get too excited and to not get yourself involved with a home that requires an extensive amount of work at the onset or types of work that you are unfamiliar with. If you are just beginning in house flipping, start off slow with homes that require superficial work – what many real estate agents call “ugly homes” that can be spruced up with minimal funds, as opposed to getting involved with structural and inner workings of a home’s electrical, plumbing and heating systems.

House Flipping Can Be Rewarding: Start Off Slowly

Once you have your real estate agent in place, know what kind of homes you would like to invest in, and your budget for fixing them up weighing your options carefully. Consider homes that require the least amount of investment with the greatest reward. Consider the neighborhood you are buying in and really pick your agent’s brain as to the resell value of homes in that area. If you have an exclusive agent agreement in place and let your agent know that this is the type of business you wish to pursue, s/he may be very inclined to help you find the best deal on the market in your target neighborhood. If you take your time, and really consider your choices carefully, familiarize yourself with types of repairs and what they’ll cost, and potential problems that can arise within the house flipping process, then you’ll be on your way in no time to developing a profitable business which will yield you great income even in a tough economy.


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