Top Four House Flipping Myths To Avoid
Learn Marco Kozlowski’s Rules for Flipping Houses
House flipping is one of the commonly used real estate investing strategies. Aside from the profitable margins, many people venture into house flipping because they enjoy fixing houses. If you are a real estate investor like Marco Kozlowski and you would want to begin fixing and flipping houses, then there are a few important things you need to keep in mind. To begin with, you have to know some of the house flipping myths and the truth behind it.
You need to have adequate money
Many people think that for you to be able to start flipping houses, you need to have adequate money. Newbies, in particular, believed that a sufficient money at hand is needed to begin flipping houses. This is not true at all. Would you believe that many successful real estate investors started flipping houses with little to no money at all? What they do have is the skill, determination, and resourcefulness. If you don’t have money, you can always borrow from a lending institution. You might want to partner with someone who has the money but don’t have the time and skills. Your partner will be the one to take care of the finances while you will be the one to do the legwork. Do this for at least three to four properties. Once you have enough money at hand, then you can go solo on your house flipping project.
You need to be a handyman to flip houses
House flipping requires a lot of work such renovating and fixing the house and rehabilitating and remodeling certain areas of the house. It would help a lot if you are a handyman or a DIY buff, but it does not necessarily mean you can’t flip a house if you are not a handyman. True enough, there are tasks that can be done by you, especially if you want to reduce the overall cost of your flipping project. However, you have to keep in mind that even the DIY buff needs professional help too. Sometimes, it is best to entrust the house flipping task to professional contractors for they know what needs and need not to be done. They can get the job done in a timely and precise manner. In the real estate business, time is equivalent to money. You can maximize your return on investment if the house flipping project is done in a timely manner.
You need to follow a certain house flipping
If you think that house flipping projects are all the same and follow a certain house flipping method, then Marco Kozlowski will tell you differently. Every house flipping project is unique. Each project has a certain curb appeal and as a house flipper, it is your responsibility to bring out the curb appeal of the property so that you can sell it at a much higher price and be able to maximize your profit.
You need to sell the property after doing all the necessary repairs
Many people sell the property after completing the house flipping project. It is the easiest way to enjoy your profit. Once the property is sold, you can go on with your next house flipping project. But if you don’t have a buyer yet, your property could sit around for a long period of time. What investors usually do in this scenario is they turn the house into a rental property. The profit is not outright but overtime, you will be able to enjoy the profit. In fact, by turning your house flipping project into a rental property, you will be able to enjoy a passive residual income.
Learn more about house flipping at Marco Kozlowski’s real estate investing seminars