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Flipping a House For Cash

Gloria Smith

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There are many ways to earn in the real estate business. A popular strategy is holding real estate, which is done by hanging on to a piece of property, usually, until such time that it can command the best price on the market.

As a newcomer in the real estate business, instead of holding the property for long periods, it would be more viable to flip a house to get started. You don't have to invest a large amount to make a deal and yet earn some quick money in the process, although the profit may not be as high as holding real property.

Learning the basics of flipping houses can open doors to big time real estate business, and huge earnings.

Flipping a house has three basic methods.

Retailing. Under this method, you buy an ugly or decrepit house, repair and renovate it, then sell it. In the real estate business, it is not hard to find a variety of houses that need repair, and with skillful, renovation, quickly flip them to net a profit.

Wholesaling. When you are wholesaling, you look for a home that is for sale then flip it to an investor. This would need knowledge of and familiarity with investors of the area, as well as fund sources, to enable you to buy and flip property. You'll also need to develop an eye for homes that would be best for flipping. Wholesaling can be done best in big areas or cities.

Assigning the purchase. This method simply involves finding a house to flip, making arrangements with the owner to buy the house and assigning the contract to an investor who will close the deal. What you get is a quick but small fee for your services. Subsequently, the investor will finalize the contract with the owner and close the purchase on his own behalf - then, in turn, will flip the house. If you know how to choose the right house, this method can be very profitable. Also, you won't need special wordings to make your contract legal although you still need to determine the assignment fee.

Among the three, the first and third methods are best but require additional effort on your part, especially in the restoration process. Here, you will need an experienced team to handle the repairs. Assigning the purchase may also be difficult at the start, but with time and experience, this becomes easier.

Breaking into the real estate industry may be difficult at the start, but in time, with patience and determination, you'll be raking in the big bucks on way to a successful real estate business.

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