A Beginner's Guide to Flipping Houses
By Jeanette Joy Fisher
If you're dreaming of making money in real estate, it's time to stop dreaming and get to
work, because making money in real estate isn't just a vague pipedream. It can
be done, even by a young and inexperienced person, when you learn how to “flip”
houses.
A friend of mine, we'll call her Tai, made a fortune in
real estate, beginning at the age of twenty, with no
help from anyone else. Here's how she did it:
Tai began by buying a HUD repo, which
allowed her to get into the house for no money down. Then she fixed it up and
sold it herself. At closing, she had made enough profit to by a second
fixer-upper, but this time, she paid all cash. Tai went right to work fixing her
second house, and when she sold that one, she collected profit of $44,000, which allowed her to pay cash for her
third house!
By now, Tai was comfortable with her
formula, and within a short time, she had flipped her third house, realizing
enough profit to pay cash for yet another house, as well as being able to buy
the custom pickup of her dreams. And all of this had happened in the span of
just nine months!
Tai’s formula was simple. She located houses
that needed only cosmetic work, avoiding those that required structural
repairs. She did all the painting herself, inside and out, and updated the
home's lighting, plumbing fixtures, and carpeting. Once renovations had been
completed, all three houses sold quickly, and at a significant
profit.
It's the most tried-and-true way to make a
fortune in real estate, so don't listen to anyone who tries to tell you that it
can't be done or that you need to have a great deal of start-up money. That's
not true. You can buy houses with no money down through various loan
programs, and sellers will often help you with the closing costs.
I know what I'm talking about! My husband
and I bought our 27th house earlier this year, for no money down, and we expect
to make a profit of at least $100,000 for just one month of hard work!
But we take the process a step further,
making our houses outshine the competition by also using Design Psychology, although our buyers never know that. All
they know is that they feel good when they're in our homes, which makes them
want to buy them, even if they're more expensive than the house next
door.
There's no other business that can make you
as much money, with as little start-up cost, in as short a time, as investing in
real estate. In fact, more millionaires made their
fortunes in real estate than in any other business. And you can do
it, too. You just have to stop dreaming and get started.
(c) Copyright 2004, Jeanette J. Fisher. All
rights reserved.
Professor Jeanette Fisher, author of
Doghouse to Dollhouse for
Dollars, Joy to the Home,
and other books teaches Real Estate Investing and Design Psychology. For more
articles, tips, reports, newsletters, and sales flyer template, see
http://www.doghousetodollhousefordollars.com/pages/5/index.htm
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