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How To Flip A House Without Losing Your Shirt

April 22, 2012 | Comments: 0 | Views: 97

In recent years, "flipping houses" has become a popular subject. Numerous different television programs show investors buying properties for low prices, adding value by remodeling the home, and selling a large mark-ups and making significant amounts of cash in short periods of time.

House flipping is a risky venture, but by following these five tips you can decrease your risk and increase your chance of making a sizable amount of money in a short time.

Make Your Profit When You Buy: Never overpay for a piece of property. A good friend and great Real Estate Agent Sean once told me, "When I submit an offer and I don't blush, I offered too much". Another way to look at it: If you are getting more than 10% of your offers accepted, you are offering too much.

Get Favorable Loan Terms: If you can't afford to use 100% of your own cash, make sure any loans you get are favorable to you. Hard money lenders can be excellent tools if used correctly, but make sure your term is at least six months longer than you expect to hold the property for.

Double Your Budget, Double Your Timeline: Don't underestimate the costs involved or the time it takes to complete a project. If you are not a seasoned flipper or you are going to do the work yourself - double your budget and double your timeline. If the project still makes sense, move forward. Remember, each month that the home doesn't sell YOU must make all the payments. If you cannot afford to make them yourself, partner with someone who can.

Make a Plan: Never just buy a property and hope it will sell. Know it will sell. Do your research ahead of time by knowing what other similar properties have sold for, as well as the average length of time it took to sell. Plan for the worst, hope for the best.

Have Multiple Exit Strategies: Never allow "just sell the home" to be your only plan to unload the property. You need to always be thinking outside the box. Can you refinance the home into a 30 year mortgage if needed? Can you sell to another investor if needed? How about a lease-option? Be flexible and creative and you will find success a much easier task to accomplish.

Flipping houses can be a risky investment, but with the proper tools and strategies flipping can become a powerful tool in building lasting wealth.

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Brandon Turner is an active Real Estate Investor, Entrepreneur, World Traveler, Guitar Player, and Husband to an amazing girl. He is located in Grays Harbor County, Washington and enjoys finding killer Real Estate deals, leading worship at his local Calvary Chapel, bonfires on the beach, backpacking Europe, and speaking in third person. Learn more about investing in real estate at

Source: EzineArticles
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