GMAC Real Estate – Real Estate Flipping Guide: Portrait of a Successful Real Estate Flipper
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Portrait of a Successful Real Estate Flipper

Takeaways

  • You can make money by flipping real estate, but it's not easy.
  • The most successful flippers know the local market, and local real estate experts.
  • Flipping requires cash reserves for fast purchases and to cushion against tough spots.

Did you know?

  • Beware late night "real estate flipping infomercials."
Successful flippers call on a team of experts. Successful real estate flipping requires experience and expertise. People who are leaders in this specialty:
  • ...know the local real market backwards and forwards. They keep an ear to the ground for subtle fluctuations in market supply and demand, the economy, changing interest rates, tax changes, and zoning ordinance or annexation long-range plans.
  • ...can call on a wide and diverse professional network of real estate professionals, real estate attorneys, tax consultants, home inspectors, reliable and affordable contractors, and community leaders.
  • ...maintain cash or an easily accessible line of credit ready to move quickly on a sales contract as well as a cushion of cash for the lean times when property does not resell as quickly as anticipated – or costs of readying the property exceed preliminary estimates.

Most of all, they have a knack for spotting potential “flippable” real estate and a realistic view about the risks of real estate flipping as well as the rewards. This isn’t instinct – its informed experience, combined with an understanding of how to find a home that can be bought, improved, and quickly resold. This isn’t a skill-set that can be “bought” from a late night infomercial, but one that can be learned through careful experience.

Learn More About Real Estate Flipping

To learn more, explore the advice on Real Estate Flipping in this section of our site. Before you engage in this aspect of the Real Estate business, you need to be fully informed. We recommend you talk with a GMAC Real Estate Agent, to get professional and experienced real estate advice.