A lot of people these days are preaching about the buying and
holding method of gaining wealth with real estate.
There indeed may come a time in your life or business when youll want to
hang onto a piece of property, although youll only be interested in keeping
certain types of property. If youre just starting out, flipping a house may
be an ideal way to get started.
Basically, there are three ways that you can flip a house, although each one
has its own terms, motivation, and type of property. The first method is
known as retailing. What this means, is that you buy a house in bad shape,
do the repairs to fix it up, then turn around and sell it.
There are a variety of houses in need of repairs out there, and several ways
that you can quickly flip a house to net profit. All you need to know are the
techniques that will get you the most money in the least amount of time.
The second way you can flip a house is though wholesaling. Wholesaling
involves finding a home for sale then flipping it to an investor for a fast, yet
small profit.
To do this, youll need to know the real estate investors in your area, the
types of homes that flip the best, and how to fund your property so you can
flip it to them. If you live in a big area or a city, youll find that using the
wholesaling method of flipping houses is actually easier to accomplish.
The third way to flip a house is by assigning the purchase. Using this
method, youll commit to buy the house. Instead of closing the deal
yourself, youll assign it to a real estate investor - of course for a small fee.
The investor will take the contract over and close the purchase themselves -
flipping the house.