Flipping homes 101 - How to get started!
Flipping homes 101- How to get started
Every towering oak tree once began as a humble sapling. But before it even becomes a sapling, it is first a seed, which fights to break through the earth and find the light and it’s place in the world.
Just like a sapling, every property investors must start from the beginning. How high you climb depends on many factors. But to just break the surface and begin your growth, you must have one important element.
•\tAn initial stake or (Deposit)
The financial climate is constantly in turmoil, with living costs becoming higher and higher. For most people, trying to claw together any kind of summer for investing can prove near impossible.
If you are young, then you have the benefit of time to fund a business flipping homes. It is not for everyone though, but if you enjoy tracking property prices and take pleasure from making something beautiful from nothing. Then maybe flipping homes is the best and safest investment for an early retirement.
Don’t get me wrong, the work is hard. The reward however, for your patience could change your life, as it did mine.
Saving money over a lifetime can only make you poorer. I say that because the value of hard cash goes down year after year.
For example, have you ever said to someone that this or that was worth half of what we paid ten years ago.
Petrol, food, heating and insurance are all rising. But if you save for a final nest egg, then the money you put away ten years ago will be worth half of what it was because prices rise. This is inflation.
But smart investors put their savings into assets. But assets can be risky, you may be thinking. Well in most cases that is true. I had some stocks that have done terribly. Gold and many other traditional investments are like gambling. You place the ball on red or black and hope for a good spin.
Unless you are an expert in stocks and shares, I would be cautious when investing into something so volatile.
Property however has proved a very safe and steady investment.
There is a saying where I live. (As safe as houses)
Where the value of cash dwindles, property will rise and rise. We have had our setbacks with various property market crashes. But like the coming tide the high prices return and continue to climb.
Flipping houses is an even safer bet, as long as you do your homework first. It’s still investing in property, but instead of waiting for your asset to grow, just like the mighty oak tree. You are making quicker gains buy transforming a wreck into something of desire and worth.
Whenever you worry about investing in property, remember this. Populations are rising and less and less land is becoming available. This can only indicate to me that property will keep rising with demand. That is after all why prices go up. Demand.
So if you have always wanted to invest in property, find out how to do it first. Then save your initial investment money if you do not have it (normally 10% of the home value) and then make your money grow with the rising market.
For a brief step by step guide and recommendations of great books on flipping homes follow the link below:
Driving a car is risky until we have our licence. So educate yourself on how it’s done.
My next post will be about using Mortgages to leverage more profit.