My Real Estate Blog

1. Money is made at the buy, not the sale of your flip.When flipping a house your money is made at the purchase not at the sale of the house. Many times people buy a house with the intention of making a huge profit only to find out that they could not make any money after all the renovations because the purchase price of the house was too high. When you purchase your property you need to be sure that you buy the house with enough money to make renovations, have carrying cost, and add about $5,000-$6,000.

2. Get an inspection on the home - Get a complete inspection done on your property. By spending a few hundred dollars you can save thousands in problems that you cannot see and you can rest assured that you know everything that is wrong with the property before it's too late. Make the offer contingent on the inspection so that if you find problems that are going to cost more money that you are willing to spend you can get out of the contract with no penalties.

3. Don't do the work yourself: - Get a contractor and have the work done quickly. You need to have you house flipped ASAP, so that you can get it on the market and get it sold. You don't want to have to spend all your time working on the property.  Instead, you want to be able to spend that time looking for the next deal.

4. Place the property for Sale 1 to 2 percent below market value: If you are wanting to flip real estate and make money the object is to buy and sell the property as quickly as possible so that you can move on to the next house. If you purchase a house and try to sell it at top dollar to make and extra couple of thousand dollars you can end up holding it for 6 months. Get the house on the market at a price that is going to blow the competition away, and you will sell it no matter what the market conditions.

5. Use a real estate agent- Do not try to sell you house on your own. Harness the power of a real estate agent and the power of the MLS system. When you do a FSBO you are depending on people driving by your house and seeing you sign, with a real estate agent you have someone actively marketing you house to get it sold. Once again this will free up more time for you to look for more great deals.