Business Plan For Flipping Houses

Business Plan For Flipping Houses-85
The first, best piece of advice is to limit your financial risk and also maximize your return potential.

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This tool will also allow you to compare the interest rates offered by various lenders.Of course, paying cash for the property eliminates the cost of interest, but even then there are property holding costs and opportunity costs for tying up your cash.With interest rates having risen well off of their post housing-crisis lows, making a profit is tougher than it used to be.But rather than adopt a buy-and-hold strategy, you complete the transaction as quickly as possible to limit the amount of time your capital is at risk.In general, your focus should be on speed as opposed to maximum profit.That's because each day that passes costs you more money (mortgage, utilities, property taxes, insurance, etc.).Dabbling in real estate is an expensive proposition.Toss in an unexpected structural problem with the property and a gross profit can become a net loss.Even if you manage to overcome these hurdles, don't forget about capital gains taxes, which will chip away at your profit.Renovating and flipping houses is a time-consuming business venture.It can take months to find and buy the right property.

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