Simply put, the process of flipping houses can be described at purchasing a property and reselling it for a profit. The house flipper (potentially you) tries to complete the entire house flipping process within the shortest time interval, thus making quite a hefty profit.
Attaining success in the house flipping game requires the potential investor to think like a real estate power investor and capitalize on the available opportunity by executing a series of well timed decisions to the best of one's ability and access to resources.
If you're planning to resell houses (better known as 'house flipping'), you need to have a solid framework of the strategies and techniques that can be put into practice, in addition to the technical know-how in areas such as tax planning.
Once you have a strong educational framework ready, you need to start planning on achieving success.
Your Planning activity should include:
- Setting your short (daily, weekly, monthly), medium (quarterly, half yearly, yearly) and long term goals (more than one year).
- Determining exactly what tasks you would like to achieve in a given period.
- The strategies you'll be implementing in executing your plan.
You'll be performing these strategies everyday, thus as you probably know by now - real estate investing is locating properties that can be sold with comparative ease, negotiating the details of the process and then choosing the best path of action that should be implemented by you for archiving the maximum profit.
If your lucky, it'll be a quick flip after a minor (or major) property rehab, while at other intervals you'll just be required to buy and hold your house so that it can be sold at a higher price at a future price, while sometimes its a little bit of both. Thus, the key to real estate investment success lies in determining what the market wants in order to make the maximum profit.
If your getting started now, and are scared about making mistakes, thus will cause a sense of dread within you, that will prevent you from reaching the peak of success. Don't allow this dread to set in, instead take the assistance of an experienced real estate investor, who has gone down a similar road as you, for being your mentor of sorts, who has the ability to gently guide you by the hand until you reach the winner's circle with up to date advice, encouragement and valuable words of wisdom.
Real estate investing is an art and one needs to know exactly what strategies to use no matter what situation the market is in (it hasn't been hotter in the past 30 years than it is in 2009), and you will need all the tools of the real estate investing trade, such as the acclaimed patented real estate home analyzer robot software to quickly determine the value of a property and identifying the relevant comps, thus arming you with the correct information as part of your property research. Best of all, it automatically pulls the values and comps from three of my favorite websites. Then it prints a PDF report that you can save and utilize it while comparing different properties, so as to make the most economical offer.
Real estate investing does take commitment and stamina. You too can start today, by taking these simple lessons to heart and allowing the touch of a master's hand to transform your dreams into a reality.