There are other descriptions that people discuss for flipping. Some mention it as actually getting a loan for a property, then quickly renovating it to resell it. This is an option you can apply but there are also many financial risks that can be a problem, particularly in flat or lagging areas.
While we refer to flipping, we are talking about controlling houses inexpensively and then assigning (or flipping) them to another buyer for a fast profit. While we talk about real estate wholesaling, we are basically discussing finding houses at a discount and assigning them at a discount to another person or rehabber; thus the term wholesale. For additional details on lingo, when you flip a house to another person, this just means you are transferring the right to them to close on the property directly from the property owner.
Once you get a property under contract, you will have control. Then you can pass it on to another individual at full price or for a flat fee so they can close on it. They take your place in the option, then close on the home, are responsible for renovating it and either keep it or sell it to an end buyer for full price. A program like the one developed by Matthew Sorensen for real estate investing is a great no issue system to create quick cash using little or no cash or other financing techniques.
Since you have neither of these limitations you can also do as a many as you want making real estate wholesaling a great cash flow strategy especially once you have a steady system working for you!
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