Flipping property is a great way to make some semi quick cash and there are many people out there that make a good living at this type of real estate investing.
You learn some excellent real world skills and assemble a very valuable team of professionals that make long term investing simple.
There are numerous strategies for flipping and I will discuss a few of them.
Buy and Fix This is the most common of the strategies and also requires the most work.
It has lots of potential for high income and you can really get a sense of satisfaction from turning a run down drain on the neighborhood into a great place to live.
This strategy takes time, money and expertise and can be a challenge if not done properly.
Utilize trusted contractors and have a plan.
Buy and Sell This is pretty simple and requires a lot less work.
If you find a great deal from one of many options it is possible to make a substantial profit without adding any upgrades.
Sometimes the property may not need any upgrades and sometimes you may be satisfied with making a smaller profit for some short term cash.
It is also possible to simply do minor fix ups like cleaning up the yard or just sending in a cleaning crew to straighten the place up and get it ready for sale.
Wholesale If you get good at finding deals you can move out of the rehabbing business entirely and focus on selling to investors.
You will need to add some additional people to your team, like divorce lawyers, foreclosure experts and bankers, but if you can find a constant stream of deals below market value you can sell exclusively to investors and not ever have to touch a hammer.
Bird Dogging If you don't have the cash to start investing or flipping yourself you can start finding deals for other investors.
This can involve driving around and scouting out new areas, knocking on doors, making phone calls, or utilizing a unique strategy for your area.
The truth is that this can be a very time consuming aspect of the business and investors will often pay handsome fees to people who can consistently bring them good deals.
This can also be a stepping stone to building your team and assembling a skill set essential for success in this business.
At all times maintain your integrity and operate with a win win attitude, you are a problem solver and have the ability to save people from bad situations and revitalize depressed areas.