This is a common phrase. Some people find it to be a cheesy way to turn a profit and others seem to think it’s easy. I believe or better yet - know - it is neither. The ones who say it is easy probably only watch the TV shows.
If it was as easy as the shows on TV, then everybody would do it. In “flipping” you must move fast and know a good deal when you see one. You must have the right people in place. This means a REALTOR® willing to tell you when it’s a great deal and when the margins are too tight to make this worthwhile.
The idea is to get the house ready to sell ASAP. This doesn’t mean fix the house to the bare minimum causing problems for the buyer down the road. If you go a little further in the renovation, typically the buyer will recognize this and will pursue purchasing the home. Going the extra step may mean making $15,000 instead of $20,000. But if the property sells in the first two weeks instead of a month or two later, you may actually save some of the $5,000 difference. It will also allow you to sleep better at night. The idea is to sell a quality house quickly and move on to the next one. If you can sell it faster and allows you to duplicate the process, the $5,000 can easily be made up for.
Real Estate Investment Advisor
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