Skip to main content

Don't just sit there... Flip some 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 do your homework. Read, learn, and find a mentor. Someone who flips realestate and doesn't mind you shaddowing them, or helping with their deals. This experience can quickly bring you up to speed, taking advantage of their lessons learned and pitfalls to avoid.
Labels:

Popular posts from this blog

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.
Read more

Can you flip a house faster than cooking a turkey?

One of the things I often think about during thanksgiving is how long it takes to cook a turkey. Not just the time in the oven (usually 6 hours for a 20 pound bird), but also the time it takes to buy it, brine it, prepare it for cooking, cooking it, and finally carving it up. Think about what the average turkey costs. I'd pin the price down to between $20 and $50 for a 20 pounder. Price will often depend on quality, for the sake of argument, lets say $20 for a 20 pound bird, that will yield enough for about 20 people (a pound per person). So essentially we are cooking for $1 per person. Thats a pretty good economic deal considering how much beef and other meats cost. Now if we were flipping that turkey, I'm sure we could get at least $2 per person for the meal. But wait, what about all the prep time and cook time? Let's back up... what if we factor in the following: Total Turkey Time Buying the turkey 1 hour Brining the turkey 1 hour Prepping for Cook 1 hour Cooking...
Read more

Moving Lips Speakerphone keeps your hands free

How do you market a metallic mouth that moves its lips in sync with a speakerphone? "Hands free desk lips" free up your hands and clip to your phone for a hands free conversation. Could this be just what you've been looking for, to make those boring calls more fun and exciting? Now I ask myself, is this a product that has no real market, or is there a niche market out there who have been saying to themselves, I wish my phone had lips? Maybe you should pre-order now?
Read more