subject: 6 Steps to Follow When Flipping Houses [print this page] Author: Daniel Mc Grey Author: Daniel Mc Grey
Many people fear venturing into real estate investing because of two factors. First, they think that it will take them years before they earn profits and second, they think they will hundreds of thousands of dollars to start in the industry. These two things are not entirely true. You can actually earn quick cash in real estate with little or no capital at all, thanks to flipping houses. Also known as wholesaling houses, flipping houses is basically placing a property under contract and then assigning that contract to a buyer. The contract must state that the owner will sell the property to you. If you dont buy it within a specified period of time, you wont be sued. All you will lose is the amount the owner accepted to place the property under contract. If you want to try this business, just follow these 6 easy steps. Educate yourself. In flipping houses, it is more important to understand how the system works. Learn the right techniques and you will make huge money. Go online and visit educational websites like REIwired.com. Read articles and watch videos about it. Better yet, go get a mentor. With the right knowledge, start looking for a property and place it under contract. Distribute flyers and put up signs that you are buying houses. Drive around the neighborhood. Once you find a house, offer the owner a small amount and then use a contract approved by your state. Set the assignment fee you want to earn and add that amount to the actual price of the property. Thats the price you will advertise when you search for a buyer. For example, if you want a $10,000 assignment fee for a $60,000 home, look for buyers who are willing to purchase houses worth $70,000. The next thing to do is search for a buyer. It will be better if you have a ready list of buyers. Fellow wholesalers and rehabbers are good options. Advertise that you are also selling houses. Once the buyer agrees to your price, you can now assign the contract to him. Doing this can be a bit complicated so it would be better to hire a title company. They will do everything for you. The last step is to cash your check and repeat the process over and over again. Youll find flipping houses to be much easier and more profitable as you do it over and over again. Go to REIWired.com today to learn more about this very lucrative business.About the Author:
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