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The Real Way To Make Money Flipping Real Estate
from: Jeanette Joy FisherWould You Like to Make Money Flipping Real Estate?
Many beginning real estate investors get started by flipping
real estate to make quick cash. If you would like to make more
money by investing in real estate, you need to know a few
essentials.
What is the definition of real estate flipping?
Simple definition: Buying property and reselling quickly,
hopefully for a great profit. Usually, people think of flipping
houses, or the buying and selling of a home fast, as the only
way to make money flipping real estate. However, some investors
specialize in other types of real estate such as land or strip
centers.
Some confusion arises over the process of making money flipping
property. People who specialize in finding bargain real estate,
obtain a purchase contract, and then sell the contract before
taking title to the property are known as "Bird Dogs." These
beginning real estate investors get started with no money down
by:
* Finding a seller under stress with a bargain property *
Securing a sales contract * Selling their contract for roughly
$500 to $5,000 to a seasoned real estate investor
Isn't real estate flipping illegal?
Flipping real estate isn't illegal. However, many unscrupulous
investors committed mortgage fraud to make fast money. Some of
these investors, working with mortgage brokers and appraisers,
resold houses to unqualified buyers inflating the property value
and home buyer's qualifications. Often these home purchases had
no money or little money down. When these new home owners
defaulted on the mortgage payment, the mortgage lenders lost
money because the house wasn't worth the inflated purchase
price.
To avoid legal problems in real estate flipping, don't commit
mortgage fraud.
To make money real estate flipping:
1. Prepare your financing so you can close on a deal quickly.
2. Learn your market so you know what makes a good deal.
3. Find a bargain property owned by a seller under stress to
sell.
4. Secure a purchase contract in your favor.
5. During escrow, plan your selling actions.
6. Close on the property on time.
7. Immediately set your selling plan into action. If the
property needs fixing, be prepared to get this done right away.
8. Market your property to your target market. Don't just list
the property and hope for the best.
9. Find a qualified buyer. Have a loan officer check to make
sure your buyer meets all the mortgage requirements.
10. Stay legal. Don't use an inflated appraisal. Don't help your
buyer create false W2s, write phony credit letters, or prepare
any false documents. You can pay many of your buyer's closing
costs to make the purchase easier.
You can make money flipping real estate. Buy low, sell for
full-market value, avoid mortgage fraud, and enjoy your profits!
Copyright © Jeanette J. Fisher
About the author:
Jeanette Fisher teaches beginning real estate investors how to
find, finance, fix, and sell houses for top dollar. To find out
how to make more money using interior design and get a free
ebook on Flipping Houses, see
href="http://www.doghousetodollhousefordollars.com">http://doghou
setodollhousefordollars.com/
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