make money renovating houses
The “Fix and Flip”: How You Can Make Money with Real Estate
Everyone has heard of the “fix and flip“: the process by which a person buys a piece of real estate that needs some fixing up, fixes it, and then sells it at a higher market rate and makes a profit. It is one of the oldest and easiest ways of making money in the real estate market. Some people make hundreds of thousands of dollars every year by fixing and flipping properties.
The easiest way to make money with “fix and flip” real estate is to invest in single family homes that need repairs or renovations. Talk to your local real estate agent for help finding homes that are selling at lower rates because they need renovating. Sometimes these homes need so much work you can purchase them with what you have saved up and don’t even need to apply for financing.
You can make more of a profit if you do the fixing up yourself. If you are a skilled carpenter or contractor, you can do all of the repairs and renovations yourself, which will save you quite a bit of money that you would normally spend hiring someone else to do the repairs. If you cannot do the work yourself, consider partnering with a contractor or carpenter and, in lieu of paying him outright, give him a portion of your profit.
Finally, when the house has been fixed up and renovated and looks brand new, sell it at the current market value for a house of that size and stature. This means that you can sometimes sell it for more than the current market value of the house.
When the house has been sold, pay off your mortgage on the property and keep the money that is left over. Viola! You have done the “fix and flip“!
About the Author
For more information on fix and flip, visit http://www.shortsalesriches.com/welcome/
How to Get Renovation Money for Your New Home (Purchase Plus Improvements)
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