Flip and Grow Rich | Can It Really Happen?

Where are the Best Places to Flip and Grow Rich in America? In part 1 of our new series, we'll look at this question a few different ways and research ideal locations in the U.S. for flipping real estate. We'll examine some basic assumptions, flip scenarios, actual sales in top U.S. cities and perform some paper analysis of the flip potential. In the end, we should have a good list of cities with high potential for the next great flip. A flip can vary by several factors including the person doing the flip, investment potential of the property, and the local market. So before we begin, we need to establish these basic assumptions and criteria. Applying this analysis to your own market or location simply means adjusting the assumptions to match your own. Personal Ability: How Many Houses Can We Flip? First things first, we need to assume some flipping ability. Not superhuman ability, just the average flipper. Let's assume this is a part time job, and we will be flipping a min...

How has the current US Real Estate financing market affected your flipping? It seems that pain in the money market is unevenly spread, and hitting some markets pretty hard. Thomas Lawler of Lawler Economic and Housing Consulting has outlined the following issues: Recent drastic tightening is worst in California, Nevada, Florida, Hawaii, Arizona, Rhode Island, and New York. Risky loans are increasingly harder to get and are becoming available only to strong buyers at higher rates. How does this impact flipping? Well the labor day kick off of our autumn home shopping season hasn't been as strong as other years. People buying before the holidays are feeling the crunch as money becomes tight. US Lenders have been cautious with the subprimes, sticking to conforming loans under $417,000 USD. Even then, buyers need good credit and enough savings for either conforming or subprime (which are now few and far between). Jumbos are terrible, as rates are jacked up. Flipping in these conditions...

Before you go spending you next $100 on an ebook , DVD, or other learning aid, make sure you've done your homework. One place to start is the Internet. For a jump start, take a look at the following sites which offer no strings attached information. WikiHow has a pretty good article on How to Get Rich by Buying and Flipping Real Estate , and keeps it to the point. No overnight success, just hard work and buy low sell high tactics. Common sense, but also the same stuff you will find in expensive courses being sold today. Take advantage of government information, research, and articles. Begin with the US Departmenet of Housing and look over their site. Information, research, articles are all there, you just need to invest some time. In the long run you may find houses and financing through HUD for little or no cost to you. For more government provided information, search USAsearch .gov which searches US government websites and publications. Use terms like " flip real estate ...

A few years ago, one of my coworkers retired to a life of real estate flipping. He was earning more money in a few months flipping California property than he earned at his 50-60 hour job in a year. While flipping is one of the most popular ways to automate your income, many people are having a hard time flipping with great success. Before you enter the world of flipping, consider your local real estate market, how well do you understand the dynamics? Is flipping for everyone? Certainly not, but knowledge is power, right? Amazon has quite a few books on real estate flipping, such as Real Estate Flipping: Grow Rich Buying and Selling Property . This book discusses the process of flipping real estate in a pretty easy to understand format. It covers a few financing options, tax issues, and even helps you understand things like residential vs. commercial. Many get rich quick schemes promise to make you instant money, if only that were the case! Your best bet with flipping real estate is to...