This is a guest post by fellow real estate investor and blogger Danny Johnson. As usual, he has done a knockout job of nailing this topic of “fix and flip”.
There is something very rewarding about taking a dilapidated hunk of crap house and turning it into one of the nicest houses on the street. Actually, there is also something that usually comes with it that makes it even more rewarding…PROFIT!
It's no wonder so many people want to start flipping houses.
On the face of it, flipping houses doesn't seem that complicated. There's only three steps, right?
- Buy a house that needs work at a discount
- Fix it up
- Sell it for a nice profit and the knowledge that you helped improve the neighborhood
I'm sure you know there is a lot more involved. If you've spent even just a little time learning the ins and outs of house flipping, you know that each of these steps can realistically be broken down into about 100 other steps. Don't worry I'm not going to attempt that here. Read the rest of this entry →