3 Common Methods to Flip a Property

Flipping is a popular term that you see all over the news and for the beginner, it might be intriguing enough to understand what this concept is all about.

By definition, flipping actually means purchasing a property and then selling it quickly so as to make a profit.

However, there are a number of ways by which you can go about flipping a property. Here are 3 of these methods:

#1: Buy, fix and flip

This is the most common way to flip a property. Usually, all you have to do is buy the property at a discounted rate and fix it according to acceptable standards. After this, you will sell it to a person who intends to live in the home for a profit. One can make anywhere between $15 to $50 K but for that to materialize, you’ll have to correctly gauge the costs for repairs and remodeling.

#2: Buy and flip “as is”

The only difference between this method and the previous one is that you purchase it at a discounted rate. However, the buyer ends up being the real estate investor who is willing to put in the work, when it comes to remodeling, and selling it after that. If you do this for a number of homes, the profits can rise quickly.

#3: Buy, refinance and lease

One more way to do this is by refinancing the property and selling it for terms instead of selling it for hard cash immediately. If you are able to get your calculations right, then you won’t have to spend very much. And so, you can lease the property out giving the occupant an option to buy as well.