Flipping Tools

Lately, people have been asking me about organization and productivity tools to use when flipping and dealing with real estate. I've begun this post as a way to share some of those tools with you. Toodledo.com is my favorite (FREE!) easy to use, web based todo list management tool. It really helps you track of all your tasks and avoid disorganization, Track properties to check up on, projects, etc. I personally use the web version for my PC and the iPhone and iPad versions when on the go.

Beware of Shady Flipping Practices

According to an article in the Baltimore Sun, flipping real estate for profit has a pretty bad reputation in Baltimore. For those of you thinking to get into the business of flipping real estate, read as much as you can about these types of behaviors and avoid them at all costs! Learn from other peoples mistakes.

The problem stems from properties sold for huge profits within a day, which is an indicator to a problem. Fraudulent documentation is one issue cited by the article, in addition to flopping which is when a property is devalued then resold at a higher price. This can show a fake profit. Beware of scams like these, and read the article to learn more!

Flip and Grow Rich in this Economy?

Some may be asking themselves, can I really flip and grow rich in this economy? Well it's not an easy question to answer. While there is lots of money to be made in this current climate. There is certainly lots of money to be lost as well.

In a recent Wall Street Journal article, mortgage rates are reportedly declining, a prime time to buy property. Money is cheap! However, it would also seem than banks are being more difficult to get money out of, so what's a flipper to do?

Even Donald Trump is having difficulty in this market, with his Chicago condos, buyers are not following through on contracts.

Remember to do your homework, look at every deal carefully, and ensure contracts are in order. Look for the best deal, for example RealtyTrac offers a nice forclosure search on their website.

Flipping Yachts and Growing Rich?

Recently, I've been wondering what's going on with house flipping as it seems many in California are having mixed results. In my research, I've come across people flipping things other than the typical real estate.

In a 2008 article from the Wall Street Journal, flipping Yachts is discussed. Now this is not necessarily what you should run out and do right now, but stop and think about what there might be a market for. What has lost a lot of value, and is still something people are looking for.

For more, read Yacht Prices Sinking Fast at the Wall Street Journal.