Flip this House

Many real estate investors have been making a lot of money buying homes and turning around and selling them in a short amount of time. You can make huge profits in real estate flipping if you know what you’re doing. People have been doing this for some time. They purchase modestly priced homes, sometimes foreclosures, then they fix them up and sell them for a profit. There are some ways you can follow this trend and make a profit, too.

Flip This House” on A&E popularized this trend of buying and selling properties for a profit. It has allowed investors to make large sums of money on fixing up homes and selling them to home buyers. The show explains how they buy, fix, and sell and, by the end of the show, the owner has revealed their asking price for their renovated home and has an expert assess the value of the property.

Flipping homes is a lot more detailed than what is shown on television, even though many of the details are discussed. There are some things to remember if you are planning to buy a home in order to sell it.

What is the market value of the home? Have you looked at the house to see what repairs need to be made? You have to know the total cost, including purchase price and repairs before you buy in order to make money off of it. Is it worth the cost to put into it?

Is the neighbourhood promising? Is it a good neighbourhood? Is it in an area where people are buying? Take a look at the market value in the neighbourhood you are considering buying. If it’s in an area where people are buying, you are likely to make a profit from flipping.

Be prepared to begin renovations immediately. You will have to get building permits right away. And if you hire a contractor to do the work, make sure they know exactly what it is you want done and how long it must take to get it done. Getting the work done quickly is essential because if you hold onto the property for too long, you will end up having to pay the mortgage, real estate taxes, utility bills, etc. If you have to pay this money out, it will take away from your profits.

Once the repairs are completed, find a real estate agent who can figure the market value of your property. With luck, the value of the home will more than cover the cost of what you have put into it. You’ll have to take into consideration your closing costs, attorney fees and any other expenses that are associated with the selling of the home.

Once the deal is final, the money you have left after all expenses is yours to keep. That is your profit. Keep all receipts and detailed records of everything to figure your costs and profits. In time, you will become a pro at flipping houses and could potentially make a great deal of money doing so.

 

 

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About Stephane Manos

Stephane Manos has developed several online companies. While working as an online entrepreneur, he fell in love with the sales aspect and recruited some of the best clients and affiliates the companies have ever had. The fun, he found was in building the connections and relationships. One of Stephane's top qualities is being able to motivate. He found a passion in motivating others which in return motivated him. Happy colleagues and clients would send word-of-mouth referrals and increase traffic to his online businesses. Teamwork is something that Stephane promotes. The focus is not on self or individuals but in working as a team to reach the same goals. It is his role as a leader to lead the team by example. Currently, his interest is in real estate investments and financial investments. He is now looking into emerging markets such as the Middle East. He also believes some of the better deals can be found in certain parts of the United States. Many distressed buyers are looking to liquidate. Developing new online businesses, purchasing commercial and residential real estate, and developing rentals has led him to travel around the world. Stephane Manos contributes a portion of his time and earnings to charitable associations and philanthropic groups. His charities are: -Children's Telethon -AHEPA brotherhood and Shriners -REVIVRE Bipolar Support Assocation
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