- Personal Finance
Is House Flipping For You? Get a Good Houston Mortgage Lender
Did you ever think about if flipping houses could be the best thing for you? Perhaps after seeing all the programs on the telly you ultimately decided it was the right time to leap in head first into the arena of real estate flipping. Congratulations, if you've mapped out plans to become financially free of the slavery of society and made a decision to become your own BOSS.
On the other hand, are you sure you want to be a Boss? Or are you leaving one job for another?
Flipping homes, although often depicted as a thrilling and glamorous lifestyle, can regularly be everything but glamorous and exciting. It can be really time consuming and research intensive, but is most certainly not something for the faint of heart. From countless hours of researching titles, house values, and driving around areas - to going to auctions, overseeing repairs and construction project; flipping houses is much more than just a business or a job. It's a way of life.
It is a fact, there is a bunch of cash that can be made in Flipping homes, especially considering it seems like the housing market may be improving, but at what cost to your lifestyle? Before you decide that house flipping is the way you are going to enter the property market, know that it's not really a "business", It is a JOB. By Job, this is what I mean; If you were to flip 2 properties in a month, you would probably have the income to get by nicely based on the income you made from the flips. But if you decided to take off a month or two, what's going to happen to your income? It disappears completely. So, by not having income when you are not working, you've got yourself a JOB!
On the other hand, if you've honed your trade to the point that you have workers that handle the regular day-to-day operations to include the property searches, analysis, purchase offers and perhaps even the rehabilitation and financing, you simply could be on to something really good! If not, you may want to go for the buy and hold strategy and let somebody else manage the properties for you. When you have gathered enough properties generating money flow that you can leave work for a month or two and not need to be there to work, then you're a true business owner.
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