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Making Money On A SLOW FLIP (Part 4 – Making Your Budget)
A few years ago, it was common in many markets for real estate investors to buy houses, update or repair them to bring them current to buyer's tastes, and sell at a profit a few months later.  For most markets, those days are gone.  The problem with flips (and flippers) is that they were primarily in the get-rich-quick game-which may work for a while, but doesn't last forever. You can still make money by applying some of the principles touted on HGTV, TLC, and the like, but it's a slower path to your payday. I call this strategy a "slow flip".
In my earlier posts, we looked at finding the property and ideas for changes.  Now, to talk about budgets.  The reason I suggest you have your budget before you start looking for a house is because most people don't have unlimited funds.  You're more likely to come up with a realistic plan if you define your dollars first, then pick the house that you can fix with that many dollars.
Your project budget will vary depending on whether you decide to go with a house that needs repairs or just updating. New roofs, energy efficient windows and entry doors, new ... more

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