Buying investment real estate and flipping how do you make it work?
I See these books and infomercials on how to buy real estate for flips and cash flow. What I don’t get is he do you actually make any money from it? I mean don’t you need to fix them up and find a buyer or renter?
If you rent don’t you have to worry about them paying rent on time, repairs and damage from them? How do you profit?
In a flip don’t you need to fix it yourself or spend tons for people to do the work?
Even if you got a fixer upper free but had to shell out 10s of thousands to fix it an wait or a buyer how can all this work?
I just don’t see the other side to this real estate business. They make it out to be finding deals and cleaver financing but aren’t buyers out there looking for the same but to live in?
Most of those books were writen when the housing market was going up so fast a monkey with a check book could buy a house, sell it and make money. Today it is very different, you can still make money, but you have to be very carefull and know what you are doing. It is also much harder to get loans now then it was a few years ago. Gone are the no money down, bad credit, lie about your income loans.
Right now is a great time to buy a home for yourself, if you can afford it, but it isn’t a great time to try and flip homes and get rich quick.
Real Estate Financing : What Is Illegal House Flipping?
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