Get Cash By Flipping Houses
When it comes to flipping houses, real estate investors look for a house to buy at a low price and then, do the repairs necessary for it and resell it to be able to make twice the profit they’ve initially forked out. Actually, this is a great strategy if you’ve got the cash and do not care waiting for 3 months or more to have it sold. You have to be aware of the next tips that I will discuss if you are planning to penetrate this investment.
Tip number 1. Find a cheap property – you are sure to find sellers out there given the way how our economy and real estate market goes. Sellers are motivated for a number of reasons like foreclosure, inheriting unwanted property, financial troubles, divorce and so forth. To do great when flipping houses, you have to watch out for these people and send them a letter showing how could you be of help to them. There are many different websites as well that can show you countless of leads.
Tip number 2. Practice your negotiation skills – given the fact that these sellers are highly motivated to get rid of their problem by selling their house as fast as they can, it puts you in a position to negotiate for the equity in the deal. After you are through negotiating for the price, do a bit of analysis to make sure that the property is really a great deal for contracts. Such contracts are easy to fill out but without realtors help, it can stir confusion on your part.
Tip number 3. Find yourself an investor buyer – whenever dealing with investors, make sure to work with cash house buyer companies. These companies are investors who are closing the deal with cash and don’t have to go to banks and apply for a loan. Flipping houses with cash makes the whole process go smoothly and fast.
But one question many people are asking is where they can find cash buyers. As a matter of fact, it is fairly simple; you can check foreclosure auctions, networking events or local real estate investors association.
Tip number 4. Assign the contract – as soon as you found your cash buyer, you want to assign them a contract. All you have to do is to get an assignment form, fill it out, enter your wholesale fee and sign it. Assignment of contract tells your right to buy that property to someone else and you’re not liable for that property.
Tip number 5. Start with the title work – in this regard, it will be recommended to go to a title company to carry out the process on your behalf.