How to Learn to Flip Homes

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Flipping houses can be lucrative, but is hard work.
Flipping houses can be lucrative, but is hard work. (Image: Jupiterimages/liquidlibrary/Getty Images)

Flipping homes is a real estate investment technique. A home is purchased cheaply, renovated and sold for a profit. Some of the profit is then used to purchase another property to flip. As the stock market has declined, the business of flipping houses has increased, with investors buying cheap foreclosures, which can be quickly turned around for a sizable profit. As with any aspect of the business of real estate, you need to be knowledgeable to succeed, and there are many ways you can learn how to flip houses lucratively.

Find a local real estate investor or agent that has plenty of experience in flipping houses, and ask him to mentor you. If you show him respect for his knowledge, and display a willingness to learn and an entrepreneurial spirit, he may decide to help you, as opposed to view you as potential competition.

Check what real estate and investment classes your local community college offers. You can pick up valuable information with classes and courses that are generally very affordable.

Learn all you can about real estate, renovating properties and investing by reading books and publications on these subjects.

Familiarize yourself with the local market in the area in which you intend to operate. You must know property types, property prices, what buyers are looking for, the cost of renovations and have a good sense of the state of the current market. Visit open houses to check out local property stock.

Educate yourself about laws pertaining to real estate investments. For example, Federal Housing Administration (FHA) regulations, to slow or stop the trend in flipping houses, decree that houses sold less than 90 days after purchase are not eligible for FHA mortgage insurance.

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