Buying real estate and selling it again fast, and ideally for a profit, is called "flipping". This type of real estate investing is completely legal and ethical. To be a successful real estate flipper, you will need to find property leads preferably motivated sellrs.
Buying real estate and selling it again fast, and ideally for a profit, is called
"flipping". This type of real estate investing is completely legal and ethical.
Negative press over flipping real estate probably comes from media coverage of
real estate fraud situations, where people have intentionally overpriced the
market value of a home, fraudulently completed documents, or worked with others to take advantage of a buyer. None of this happens in an
honest flip.
Finding a property that is a good flip requires a few ambitious steps on your part.
You'll be looking, most likely, for an under priced home in need of repair. Or you
will be looking for a seller that wants to sell fast, thus getting you a lower price.
One way to find property leads is to talk to friends, family, business associates,
real estate agents, or bankers. Go out to the neighborhood you're considering
and look for "For Sale by Owner" signs, or ring doorbells to see if anyone in the
area is considering selling.
Check the public land records and look for "fire sales". This usually means that
the owner of the property is having difficulty making mortgage payments. If you
contact them and they agree to sell, you're helping them out of their difficult
financial situation. And you’re getting a property that may make a profit. If done
respectfully, there's nothing unethical about this transaction.
TIP:
Make money without even having to find financing. If you enter into a contract to
purchase real estate, and then sell the contract to another buyer before the close
of escrow, you can turn up to $5000 in profit!
To be a successful real estate flipper, you will need to hone or develop many
skills. You will need to have an eye for the diamond in the rough.
You should be able to accurately size up buyers. It is best if you are handy and
can take care of basic home repairs. It is very important that you are detail
oriented and a multi-tasking project manager. Flipping involves many details, and it's
important to be on schedule with the project to avoid costly delays. Lastly, you
will need to have superior interpersonal skills.
Plan to retain the services of a professional accountant, unless you are sufficient
at these skills. Also find a good lawyer who can provide you with legal counsel.
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