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 .