Can you still make MONEY Flipping Houses?

Can you still make money flipping houses? New laws and requirements have made it almost impossible to get the deal touted by Ron Legrand and others just a few short years ago, but there are still opportunities for the smart investor.

Here are just a few ways you can flip houses. Each flipping opportunity has it’s own terms, motivation, and property types that fit each model. Retailing houses: You buy a house that's in bad shape, do the repairs to fix it up, and then turn around and sell it. There are rules in place that require you own the property for a period of time, usually six months, before you can sell it to a buyer getting a FHA insured loan.

There are still a lot of houses out there that need repair, and many willing sellers that want that house headache to go away. What you give them is relief.

Another way you can flip a house is though wholesaling. Wholesaling involves finding a home for sale, at the RIGHT PRICE, then flipping or passing on that house to an investor for a fast, yet small profit. To do this, you’ll need to know the real estate investors in your area. A good place to find these insvestors is at the local (Real Estate Investor Associations) REIA groups. When you locate them, ask what types of homes that they are looking for, and how to fund that property so you can flip it to them. Often times you'll find and use the services of a Hard Money lender. Hard Money is a Commercial Loan for a short period (anything under 1 year), usually with a high interest rate. But, don't be thrown by the terms, measure the transaction to your bottom line profits. Often the loan is only based on the value of the property and not your credit history. If you live in a big area or a city such as Atlanta, you’ll find that using the wholesaling method of flipping houses is actually easy to accomplish.

The third way to flip a house is by finding the property and assigning the purchase to someone else. Using this method, you’ll commit to buy the house with a contract. But instead of closing the deal yourself, you’ll assign it to a real estate investor - of course for a small fee. The new investor will take the contract over and close the purchase themselves - flipping the house. The term used for this person is a Bird Dog or Locator. This can be very profitable, especially if you invest in the right home. You don’t need to have your contract worded any special way to be legal, although you will need to determine the assignment fee.

If you’re looking to get started in the real estate market and make big bucks, it's not too late. Learn how to flip houses. It's very profitable, especially once you have learned the ropes. Get involved with the local REIA group. Learn the requirements for your state. What works in California may not work in New York of Florida. The most important thing is to get educated. Flipping houses isn't easy, but the profits can be phenominal. Ofcouse the journey of a thousand mile begins with the first step. Take that step and prosper.