Is flipping houses the right investment for you? How does it work, and what are the risks?
Below, we’ll take a quick look at what mistakes to avoid.
1. Not having enough money
It’s vital that you research all the costs associated with buying, owning, and repairing a home in order to sell it for a profit later.
2. Not having enough time
Once everything is done, you’ll need to put the home up for sale and show it to prospective buyers.
3. Not possessing the right skills
Many house flippers are actually construction, plumbing, and electrical professionals with the skills to do most of the work themselves.
4. Not knowing about real estate investing
You also need to understand real estate laws, tax laws, and be able to choose which repairs are necessary and which are not.
5. Not being patient
Be sure you consider the five pitfalls above to be sure you know what you’re getting into.
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