If you watch HGTV, then you probably already know what this is all about. So, how can you get involved with flipping houses? Is it really as profitable as they make it seem? Will you need to get your hands dirty? These are all great questions, and they’re definitely worth considering if you’ve been flirting with the idea of taking advantage of the opportunity afforded by flipping houses.
I’ve Never Heard of Flipping a House
You’ve never seen an episode of “Flip This House” or any of the other TV shows that are like it? Okay. Then we’ll go over the premise for you. The grand strokes of this are as follows: A person or group of individuals buys a home that’s on the market for a discounted rate, either through auction, foreclosure or an exceptionally motivated seller. These home are always ones that, for whatever reason, are going to require a lot of work and renovation.
By buying the home at a deeply discounted rate, the person who is flipping the home can use the rest of their to fix it up. By fixing it up from its dilapidated state, the property then increases dramatically in value, and it can then be flipped or sold to another buyer for a price that’s in excess of the original purchase price and the subsequent renovations.
How Can I Get Started?
As you might imagine, you’re either going to need to have some serious capital amassed, or you’re going to have to have exceptional credit. In addition to this, a familiarity with the real estate market is going to be essential, so make sure that you’re well versed and up-to-date. Also, you’ll obviously want to make sure that you’re handy, or that you’re partnered up with someone who is.
It would seriously erode the profitability if you were to hire contractors and subcontractors to do the work for you. Part of what makes this business opportunity profitable is the premium that you’re paid on your sweat equity. So, if you don’t think that you have it within you to make the home repairs yourself, or with a qualified partner, then flipping homes is likely not going to be a good idea for you. If, however, you have a firm grasp on real estate and know how to make home renovations, then flipping homes might be just the kind of business you’ve been looking for.
If it all sounds perfect for you, then it would behoove you to do some research and read about other people who have made their livings by flipping homes. You’ll want to get a sense of what the potential pitfalls are, and what steps you can take to maximize the profits from the resale of your renovated homes. Chance favors the prepared mind, so make sure that you’ve done all of the necessary homework before you jump headfirst into the home flipping business.
What If I Don’t Have Enough Capital?
That lack of capital can really but a damper, huh? Well, lucky for you, there are still ways that you can get involved in the house flipping business without having to plunk down the serious amount of cash that’s required to purchase a property in the first place. More over, there’s a way that you can get involved with the house flipping business without even having to get your hands dirty, pick up a hammer or hang some sheet rock.
With a minimal upfront investment of $5,000 to $10,000 dollars, Creative Investment Concepts will provide you with one-on-one coaching, information and a system to get involved in house flipping. The best thing about it, aside from the real possibility of profit that it offers, is the fact that you’ll be able to get involved without even having to leave the comfort of your own home.
So whether you want to get your hands dirty with a home flipping business, or you would rather take an office worker’s approach, there are plenty of options for you.