Jasz
VIP Contributor
The real estate market is booming, and home flipping is becoming a popular way to make money.
Flipping houses in low-income neighborhoods may seem like a great idea — but does it really pay off?
If you're looking for a way to make some extra cash on the side, flipping houses might be a great option for you. But before you jump into the game, here are some things you should know:
1. The process isn't easy
Buying and selling real estate is hard work — even when it's your own property. There are some steps involved in the process that will take time away from your other responsibilities (and maybe even cost you money).
2. You need to get financing
It's hard enough trying to find tenants when you're trying to do everything yourself, so finding someone who can help you out with the financing is another hurdle that needs to be overcome before any deals can be closed on properties.
3. You'll need more than just cash flow
The flip market has grown substantially over the past few years, but not all properties can be flipped successfully or within budgeted timelines and costs.
Flipping houses in low-income neighborhoods may seem like a great idea — but does it really pay off?
If you're looking for a way to make some extra cash on the side, flipping houses might be a great option for you. But before you jump into the game, here are some things you should know:
1. The process isn't easy
Buying and selling real estate is hard work — even when it's your own property. There are some steps involved in the process that will take time away from your other responsibilities (and maybe even cost you money).
2. You need to get financing
It's hard enough trying to find tenants when you're trying to do everything yourself, so finding someone who can help you out with the financing is another hurdle that needs to be overcome before any deals can be closed on properties.
3. You'll need more than just cash flow
The flip market has grown substantially over the past few years, but not all properties can be flipped successfully or within budgeted timelines and costs.
