Flipping a Home is Easy – Every home is different and has different issues. Even with the best team all ready to go, you may run into some difficulties. Use people who are licensed and experienced and make sure you have a plan ready to go before you even find a home to flip.
Flipping a Home Can be Done Quickly – HGTV has made it look like you can renovate in days, but truth is it takes anywhere from 3 to 6 months and that is with experienced contractors and workers. Make sure you know about what time it will take before you begin.
Flipping a Home Can Get Your Rich Quick – Not necessarily the case. The profit margin may be much smaller than you are anticipating. Unexpected costs will happen. Don’t over extend yourself because you can lose money as well.
The Bigger the House, the Bigger the Profit – Sometimes that may be true, but other times it may mean you have to spend more on higher end finishes to make any kind of profit. Bigger houses don’t necessarily mean bigger profit margin.
You Need a Ton of Cash to Flip Homes – Having cash is always a good thing, however, this is not true.. There are loan products for those who meet the requirements to use to flip homes. It depends on what property you are looking into and what you might qualify for financing wise.
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