How to Get the Best Deals for Real Estate "Flipping"
People often marvel at the profits that can be made in
"flipping" real estate. They wonder how someone made such a good
deal - how did they buy a property for $50,000 and fix it up to
make $70,000? There's a simple trick that can help you improve
your success if you're looking to invest in real estate: volume
bidding.
Most people will only look at one or two houses when they're
planning their investments. They don't want to take the time, or
they feel like once they've already spent the time investigating
a house they need to go ahead and invest in it. Often, this
forces them to up the price above what they would really be
willing to pay - they feel committed, and they don't want to
lose all the work they've done. The trick to making a good
profit is not to make this mistake. You can't let yourself get
dragged into this process - if you psychologically commit to
buying a house, you're not going to get a good deal. You need to
set a price that will give you a good profit, make the offer,
and walk off to the next house to do the same thing. This won't
get you all the houses you want - in fact, many will reject your
offer as too low. But if you do it multiple times, eventually
someone's going to take it. If you make sure that every bid you
make is one you'd be glad to accept, you'll end up getting the
good investment deals even if you only get a couple of owners to
sell to you.