FLIPPING HOUSES: THE 6 STEPS
#1 Find the deal
- You will likely look through many deals before you find the right one. You will be looking for a house that has equity and is priced low. Remember in real estate investing, you make your money when you buy the house.
#2 Evaluate the deal
- You must do your due diligence before you actually purchase the property. Make sure to look into the location and market, after repair value, cost for repairs, time for repairs, deed restrictions, liens, and title issues.
#3 Fund the deal
- There are many ways to fund your purchase when flipping houses, but the most common ways are private money and hard money loans.
#4 Fix the house
- When flipping houses you are not looking to tear it down to the studs and make it the nicest house in the neighborhood, you just want to get it up to par with the rest of the neighborhood. Typically carpet, caulk, paint, and landscaping
will get you there.
#5 Market the house
- You can choose to list the home with a REALTOR or sell the home "by owner". Each option has it’s own advantages and disadvantages so evaluate your selection carefully.
#6 Sell and profit
- If you have done your job correctly your home will sell quickly and you can move onto your next deal.
Maverick | www.REIMaverick.com.