Real Estate Investor Tip of the Day – June 19, 2012
Real Estate Investors love to Flip Homes. This often provides quick profits without having long term property management expenses and work. Right now is a great time to Flip Homes as the rapid appreciation we are seeing right now helps Make Money of Flipping Investment Properties.
However, I want to offer a caution. I have seen a lot of people Buy Homes to Flip and be overly optimistic and loose money. (Not my clients – but others.)
Go Here for the Free Book of Real Estate Investing!
A few months ago I was out with a Real Estate Investor and we were looking at a potential Buy and Flip Property. I found the property had 13 offers on it. Every time we went to the house other buyers were running around with contractors and doing estimates and such. Then we talked about it and asked ourselves if we win this bid what are we missing. If you look around the room and cannot figure out who the fool is – it is probably you. We passed and made some money on other properties.
Well I watched the property. Saw what it was purchased for, went through and looked at the work they did. Then I watched them list it, I watched it set, I watched them lower the price. I was glad we passed on it.
When Flipping Properties make your money on the Buy – Not the Sell. Estimate conservatively and know what you are doing.
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