Flipping is such a popular craze. Not sure about you but I am a regular on HDTV and I love Chip and Joanna Gains. This type of estate investing strategy is not for everyone but if you are thinking about diving into this flipping home strategy you are not alone.
The flipping market has been busy with some 51,434-single family homes and condos flipped in the second quarter of 2016, this is a six-year high. With an average $60K profit, it’s no wonder this strategy is HOT!
I have some points of interest you might want to consider if you have considered house flipping.
The most important thing is YOU!
This endeavor is not for everyone. You need to invest in yourself and get yourself educated before you just dive in, because this can be very risking if you don’t know what you are doing. I am not saying you need to go spend thousands of dollars on one of those Gurus that’s been flipping houses successfully for years. But instead go out there and buy real estate investing books, join some forum groups and talk to like-minded people. BiggerPockets is one of the best I know of and is very useful for many real estate investors for education, networking and deal-making and will prove to be a great resource.
Do research on this industry and learn as much as you can. Learn marketing for leads and find out where the best areas for distressed homes are located, research county records for vacant homes that the city or county has in their inventory. Talk to Realtors! DO YOUR RESEARCH. Hopefully you will then know when you will make your first move and get started. BE careful, most newbies realize very quickly this is not easy money and is a lot of hard work.
I do know a few flippers, I have helped them on the money side, they do love it and are making money. They started with one house and now are working several. I know you can too, just be smart, get educated, start small, but do get started if this is what you want to do. Procrastination is your worse enemy for any kind of success. Get in the right mindset to succeed in your house flipping dream and get busy!
I found a couple article to help you start your research … go ahead and check them out!
And as my 10-year-old grandson claims you can learn just about anything on YouTube! So, don’t forget YouTube as a research source because he is correct.
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Thank you for stopping by, have a great day!
ACMC Loan Consultant
Certified Mortgage Coach