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Flipping houses: The best method of making money in real estate

BY: David Prakash Kumar | Category: Business and Finance | Post Date: 2010-01-21
 



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   David Prakash Kumar
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One of the simplest and the best method of making a lot of money in the real estate business sis by a method called as flipping houses. This is the method in which the real estate investor buys a house at a low rate and hen makes a profit by selling the same house for a higher price to another real estate investor.

The person from whom the house should be brought should be a motivated seller. This means that the seller is a person who wants to sell the house because he is under a lot of pressure to have some cash on the hands. These can be a person who is going to have a foreclosure. Other than this, the person may also have some financial difficulties that have made them to take the decision to sell the house. Even people who have inherited a property can be considered to be motivated sellers.

The major step in this method of making money is to first contact the motivated seller and make sure that they sell the house to you. This can be done by making the initial contact to the sellers whom you have identified. The sellers can be identified by either having leads from various people or by looking at people who have not been able to sell their house for a long time. The contact can be made by sending a letter to them that has your web site mentioned clearly to them. This will enable them to make sure of your credentials.

The next step in this process is to make a deal with the people who are willing to sell their property to you. You can agree if the price is about 35 % less than what the house would be worth. A motivated buyer will be willing to sell the property at this rate because of the urgent need for the money. Once the price agreement has been reached, then the contract has to be signed and the deal is closed.

The next step is to find a buyer for the house. Actually, there are a lot of buyers who will be willing to get the house, especially if they are real estate investors. These people can also be contacted from your mailing list or form the leads that you have got. If the real estate investor is interested in buying the property from you, the next step is to again strike a deal with this person.

When the deal is made which is when both the parties agree on a price, then the final step in the whole process is reached and this is the signing of the contract with the person who is buying the house. The individual can make a contract and sell the house. In the process, you would have earned a handsome profit by buying the house at a low price and selling the house at a higher price. This is the simple method of making money in the real estate business.

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