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Wondering what to know about flipping houses and how to really reel in the big profits? Well, it?s certain that flipping houses depends upon your knowledge and dedication to this type of career. Many people focus only on the profit potential and never pay attention to all the work that must go into what you need to know about flipping houses.
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Mention flipping houses and the first inclination is finding a dilapidated fixer upper that you need to clean. This is not true; flipping is finding valued property that is under priced and quickly selling it to another buyer at market or above market price thus making your profit.
It?s certainly not like you see on television; perhaps some aspects are the same but a lot more work goes into researching, prospecting, and closing the deal.
OK, so that?s a basic understanding of flipping houses but you?re probably still scratching you?re head still wondering what to know about flipping houses.
Before you begin to flip houses you must think of the type of properties you want to flip. Single family homes, town homes, condo?s, maybe even parcels of land. By targeting a specific area you will become well educated on that type of home including what price you should quote, what to look for as far as value or damages, etc. This gives you an edge when you understand exactly what you?re looking for. You?ll be less likely to under value your properties and in a better position to get the more favorable deals.
Being able to locate just the right home is not the end of the rainbow. You must know and fully understand your market indicators and how they directly affect flipping homes.
What schools are nearby? What parks are nearby? Grocery stores, banks, strip malls? What is within walking distance? Many people looking to purchase homes are now concerned about green eco-friendly environments and this too can become a great niche.
When you?re investing in real estate you must know everything about the properties you try to sell. When selling to a new buyer you?ll always be bombarded with questions that you must know or you won?t really benefit from the deal. You?ll most likely undercut your profit potential every time. This is why educating yourself in everything about -flipping is a must-do!
Stop worrying about the biggest details because its always the small details that kill the deal. So if you?re still worried about what to know about flipping houses, the simple answer is Everything.
Soak up the knowledge ? all the various ways to flip houses; all the different contracts; understand financing and how to buy with no money down.
And remember, it?s not as bad as it seems; if you really are seeking what to know about flipping houses it?s always hands on experience that will be your best teacher.
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Alex Nghiem is the co-founder of several Real Estate investment websites and is a well respected coach. His latest project is the just completed Wholesale Manifesto. Learn All about ? Real Estate Wholesaling [http://www.wholesalingmanifesto.com/members] Here.
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