2. Fix and Flip
READY, SET, GO START INVESTING IN REAL ESTATE JIM INGERSOLL
2. Fix and Flip
You have seen this one repeated on TV. Find a totally distressed house in need of a lot of work, fix it up and sell it for a nice payday. They make it look like so much fun as they work through all the jobsite drama! The truth about flipping houses is that it can be a roller coaster ride full of peaks and valleys because there are so many moving parts. You need to find the right house, for the right price, build a reliable contracting team, market to sell to a new buyer, hope they can get their financing, work through their home inspection and then collect your large payday. Your payday will not occur if you are way over budget on your renovation or you cannot sell the house for as much as you had hoped.
My point is that the entire process must be managed carefully in order to reduce risk in this type of shortterm speculator transaction. It takes a lot of experience and discipline to create a large payday in a short amount of time fixing and flipping houses.
What about you? Are you ready to invest for the longterm and build a portfolio of rentals? Do you need cash right away and need to flip some houses to pay down debt, quit your job or finally get ahead?
Take the time to honestly discover where you are at right now and where you need to go. Once you know your starting point you can build your personal plan to succeed massively by investing in real estate.