To one sitting on the outside looking in, it seems flipping houses for a living is nothing more than an illusion. Nothing more than a television show giving you before and after photos of properties that have been renovated.
Real Estate flipping has become wildly popular due to many of the house flip television shows. However, most of these shows display someone renovating a home, but in reality there are many other techniques to make money flipping even in today's troubled market. Here are three steps to flipping homes for profit.
1. Getting leads in your pipeline.
Don't confuse your leads with actual deals. You should continously market your real estate business to get more leads into your funnel. This is the starting foundation.
This involves marketing and constantly being on the lookout for potential properties. And without actively promoting and marketing your business, then you're going to never get involved. You're going to be left sitting on the sidelines while the people around you are profiting from red hot, smoking deals every month.
2. Converting the deals.
Once you market your business, you'll start getting leads of red hot motivated sellers begging you to buy their homes. So, next you'll want to pre-qualify your seller to make sure they're motivated. And then you've got to listen to your seller to make a win-win offer. The more information that you collect on the phone call or by your website, the more time you will save.
3. Master the exit strategy.
This should be what you think of before ever presenting the offer. Although, this is the last piece of the puzzle, you should began the entire process with the end in mind - how you plan to get out of the deal and get paid?
You should consider the following when flipping your home:
a. Do you plan to flip the property fast to another investor that will buy the property to fix up, and then resell to a homeowner?
b. Are you going to sell to a landlord investor?
c. Are their any investors that you have previous relationships with that would be interested in the deal?
Your success largely depends on how quick you move the property. Therefore, work to build solid relationships with real estate buyers in your area because these will be reoccurring buyers of your properties.
Now, remember, you've got to negotiate a good enough deal so that you can leave some money on the table for your buyer. Investors have different criteria, so it's best to find out what they're looking for in advance when attempting to flip a property. Master these three areas to every property you want to flip and watch your income soar.
About the Author:
Discover how to make money in real estate with the Real Estate Rebel's Flipping House Tips. For more information visit http://www.reirebel.com
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