Today I would like to talk to you about the ways how to make money in real estate. Flipping is one of the ways that I would like to touch today.
According to business dictionary, flipping properties is a “quick-profit strategy in which an investor purchases real estate at a discount price and improves the property in order to sell it at a higher price. This can be a very lucrative profit strategy if the housing market is doing well. Old homes and foreclosures are popular properties use in house flipping because the investors can acquire these properties fairly cheap thus increasing the potential profit. Sometimes contractors are used to do the upgrades to the property, but an experienced house flipper may do the work his or herself”.
This type of money making can be very rewarding as well as a high risk investment. It requires to have a basic knowledge of construction, interior design, real estate market and financial planning. I understand that it’s really hard to combine 4 professions into one person, but you actually don’t need to do it. With a right realtor who has a team of trusted professionals this process can be done very easily.
Please have a look at these pictures of another successful project where my clients obtain $70k of net profit within 9 months.
Also the additional improvements that were done to this property are below (extra powder room and converting recreational room into 2-bedroom in-law suit):
Lake Okanagan Realty Ltd.