Here an article regarding flipping homes. #flippinghome
Is It Easy To Make Money Fixing And Flipping Properties?
You hate your day job and you are thinking about making a career change; that's when you notice this television show that shows you guys buying and flipping houses for great profit even before the first mortgage payment is due. You say –“wow, I can do that! Those guys are regular people like me, but they are having a joy ride of a job, while making 3x my salary.” And before you know it, you are all ready to change your career and become a real estate professional.
Hold On A Minute. Let’s Focus On the Old Saying “All That Glitters Is Not Gold!”
It's not as easy as it looks on television. Even though people know it from time to time, somehow, the TV glamour hypnotizes our rational decisions and makes it look more appealing than it actually is. The good news is that the real estate market is recovering after the economic downturn, which has led thousands of people to reach the same conclusion you are right now. This only means that there is a lot of competition out there, which also means that the most promising deals are gone in a split second.
Professionals out there will tell you that they make all their money from buying properties at 50% less than the actual market value. Now, finding these deals takes a lot of effort and time on your part as well as knowing when to strike like a mamba as soon as good investment arises. And, don't listen to those ‘real estate gurus’ speeches that say you could achieve all this without any money up front. It hardly works that way. So, you need access to a lot of cash to make a deal as fast as possible, not to mention the miscellaneous expenses that come along as well.
Issues you need to deal with being a fix and flip real estate professional:
Emotional Fluctuations - if you are a person who is a victim of fear - this is not the right job for you. Period. It's as simple as that. The biggest reason why people do not get into flipping houses is because of the fear that they would lose a lot of money, the fear that they may be disappointing or cheating others, and the fear that they will not be successful at the job and will land in debt over their head. The biggest challenge in becoming a real estate professional is to conquer your fear of losing money. Challenges like these are the real backstage frights, which might not show up on the smiling faces of those real estate geniuses on television.
Serious networking - being a real estate professional, you just cannot expect yourself to sit in an air-conditioned extravagant office and run your entire business. You need to do some serious networking to know about potential deals by talking to the right kinds of people and to convince, canvas and overpower the competition. It all begins by getting in touch with the people around you, such as local organizations, attorneys, real estate agents, lenders, rehabs, and every other professional out in order to build your list of contacts.
Your own team – Working with a team is something that not many new real estate professionals are sure about. However, it is important to note that getting into fixing and flipping is not a single man job. Although, the reality TV shows may make it seem otherwise. You need to get a good real estate attorney that can help you to set up a business structure. You also need a public accountant, a good insurance agent, contacts to several builders and contractors and your personal real estate brokers. It is through them that you are going to secure your deal in the future.
Apart from the above you need to start hunting for properties and have to ability, or learn how to analyze if it's a good deal, make an offer that is profitable to you, do the funding, take care of the rehab process and finally sell your property for a higher profit. A lot of work, huh?
For More Information on How to Find the Best Deals, get our Free eBook, How to Find Bargain Homes Quickly and Easily.http://www.paraissancerealty.com/how-to-find-bargain-homes-quickly-and-easily