When you flip real estate, you buy it at as low a price as you can, fix it up a bit, and then sell it at a profit. Flipping gives you many opportunities to use creative financing to the maximum.
when you get real estate to flip, you can use an option, a land contract, credit card lines of credit, or other ways to control the property for the time you need to flip it for a profit.
How to Start and Be Successful in Flipping Properties
To start buying houses to flip, take these eight easy steps in the area in which you believe there is a good potential for your business:
1. Look around the area. Check to see if you have a supply of
houses to buy and sell.
2. See if there is a demand for housing in the area. Young families need low-priced homes.
3. Get estimates from HUD, FHA, the VA on typical housing prices
4. Check local papers on Sunday for bargain properties. Read every classified For Sale ad. You'll almost certainly find bargains.
5. Visit potential bargains; see how much work they need.
6. Find a competent contractor who can help you with needed repairs.
7. Bid on your first flip house, after you know how much profit you can make on it.
8. Do your first flip job. Go on to more, using creative financing.
You can make money using creative financing in flipping. For best results, you should have some experience with home repairs. And you should not be afraid to pick up a hammer and start working!
But if you are "all thumbs", as some people are, don't give up. Get an experienced house mechanic and arrange to have that person do the work. Offer an incentive—such as a share in the profit on the sale of the property. Then your repair work will be done while you do the financial planning!
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