Flipping Houses for Profit
June 23rd, 2009 | 
Author: The concept of buying low and selling high is not a new discovery. Just ask Donald Trump! He is a billionaire from the very concept. Having a rehab business is the same concept but on a smaller scale. We look for distressed properties to buy low and sell high!
To profit by Finding/Fixing/Flipping, we must:
- 1st – Find a house.
- 2nd – Fix the house.
- 3rd – Flip the house.
After purchasing a property, there are a couple of ways to go about fixing and flipping the house:
- Delegate all the repairs, doing little or none of the work on your own, or
- Complete some repairs on your own and eliminate potentially high contractor costs.
A good way to buy ‘fixer upper’ properties is by calling a local agent in the area.
- A good reason for this is because banks usually list their properties through real estate agents.
- The properties are usually cleaned out and you get a clear title at closing.
After you purchase a ‘fixer-upper’, you will then need to decide if you are going to get your hands dirty and cut costs or delegate the work to a contractor.You can also do minor work at the project in order to oversee the project.
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In my state, California, if the value of the subject property drops below the assessed amount, the county assessor must lower the assessment. If you are in California, call the assessor immediately because there is an early December cutoff for making the request. I can’t speak for other states.
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