Do you think flipping a house is easy? Well think again. When sitting at home and watching some television and you come accross a show abot people buying run-down homes, fixing them up and selling them for big profits before the very first mortagage payment is due, do you honestly think its that easy?
Before you quit your regular day to day job, can we talk about how flipping a home is not as easy as people make it sound/look?
Its not as easy as they make it look on the television. The prices of homes have gone up in the past couple of years by almost 20%. There is a ton of competition out there which means that the good deals are gone in a heartbeat. The professionals will tell you that they didnt make their money on the front end by buying properties that were at least 30% below their market value. Finding those kind of homes take time and once you find them, youll need to move the process along quite quickly. And no matter how many times you have heard that you can purchase these kind of homes with no money down, it hardly almost never works out that way. Youll need constant access to cash to do the deals and also the rehab part you are doing to the home you have just purchased.
So lets review this. Flipping houses is not that easy. It takes a lifetime of savings of cash to get the job done before the first mortagage payment. Not to mention you have to have a team of hard workers that are dedicated to getting the job done within the first month. Yes there are people out there who are flipping homes, but they have all essentials it takes to flip a home.
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