After watching show after show about flipping houses you begin to see yourself doing it. It doesn’t look to hard when watching the shows. Unfortunately the shows are nothing more than a small percentage of all the work that gets done. Just getting bids from various contractors and selecting the one’s to work with can be extremely time consuming. The first flip you will do will take your twice as long which could eliminate a lot of profit. You should consider the article below before you jump in with both feet.
House flipping has become the day trading of the first decades of the 2000s. But in the rush to make a profit, far too many would-be real estate moguls overlook the basics and end up failing. In this article we’ll look at the five biggest mistakes investors make in this market and how to avoid them.
1. Not Enough Money
Dabbling in real estate is an expensive proposition. The first expense is the property acquisition cost. While low/no money down financing claims abound, finding these deals from a legitimate vendor is easier said than done. Also, if you’re financing the acquisition, that means you’re paying interest. Although the interest … Read More
http://www.investopedia.com/articles/mortgages-real-estate/08/house-flip.asp by: Lisa Smith