Flipping real estate is a great way to get rich. For example, you can simply buy a cheap house and make improvements, then sell it fast for more than you paid for it. When you ask most people the secret of success, they would answer you that the secret to flipping a house is not only your labor, but also finding the right house.
Hunt for the good real estate First, check the local courthouse for new filings of bankruptcy, foreclosure to find a good house to flip. Also check the local paper for “handyman specials,” call local realtors and place an ad in the local paper. Second, knock on doors to find and ask if the owner is interested in selling. Surprisingly many are interested in selling but have not contacted a realtor yet. If they aren’t interested in selling, ask them if they know of anyone who is. Third, find the ugliest house in the nicest neighborhood and one that does not need structural or system repairs. This is the ideal type of house to flip.
Take from the cost of decoration Price the necessary building materials at a big box store first. Visit the contractors’ supply section, and then you should be able to get a good discount for the whole remodeling job. Visit a used building materials supply store, they can save you a great deal of money if the supplies are in good condition. Paint whatever you can, including appliances that are in good working order, but look old and used. Paint is the cheapest and best way to quickly improve a house. Determine which jobs you will need help with and call a local licensed handyman for an hourly rate. Enlist the help of friends and relatives; or hire local teenagers for jobs you need help with.
Learn about the resources First, stroll through large flea markets to find permanent booths. Some used building suppliers have been at the same flea markets for more than 20 years. Second, browse the local classified ads for people that are advertising used materials and supplies. The local classifieds are a great source for used appliances in good condition. Third, check hotels and apartments that are remodeling and talk to the owner or builder. You may be able to get used supplies or materials just for moving them out of the way. This is a great source for carpets, lights and cabinets.
Sell the house First, determine if you should sell on your own, based on real estate commissions and your bottom line. A realtor can save a great deal of time because they already have qualified buyers on hand. Second, advertise in the local papers and online. You can place classified ads online or set up a webpage just for the house. Make sure you list the sales price and have photos for prospective buyers to see. Third, host an open house that has been well advertised. Have coffee and snacks on hand which will make people feel more at ease. Keep a sign in sheet with names and phone numbers of the people attend. Have music playing softly in the background that lends an “at home” feel to the open house. Hand out a flyer that has a photo of the house and pricing information; attach a business card to it. Return all phone calls and answer all questions as soon as possible.
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