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What Is House Flipping?
What Is House Flipping?
In this situation, a buyer (or wholesaler) contracts to purchase a property and then sells the property to another buyer, for a profit, sometimes this done before actually closing on the original purchase. This is legal to do, as long as there is full disclosure between all parties involved. This includes the original seller, the end (final) buyer, real estate agents, lenders or appraisers.
The Strategy of House Flipping
The concept is simple: Each home that you find, fix-up and flip creates a profit. When you sell, you take the profit and invest in your next flip house, each time adding in your profits so that in the future you can buy your houses with all cash_ and never have to apply for or pay a mortgage again.
House Flipping
Can create a second stream of revenue.
With the extra money made from flipping you can also pay off debt, pay off your mortgage, drive a new car, pay for your child's college education, or purchase a second or vacation home. Your flip nest egg can become a real estate fortune that can make it possible to buy your dream home with cash or retire before 65-67 years of age.
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