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House Flipping Reminders For Amateurs

Flipping houses, for some people, may be a very good business step to take. It's an adventure but it's also something profitable if done the right way. However, there is really no clean cut course that could prepare you for house flipping. No amount of theory could prepare you for what's going to happen in the house flipping business. This is why most people who would want to flip some houses just walk away and laugh why they ever thought about it in the first place.

Quite understandably, flipping houses is something you try with a lot of money at stake. However, like any other career, it is something that can be learned without having to spend a lot. All it takes is time - time to know the ins and outs of house flipping, have an expert in flipping houses train you, experience a flip by watching how it happens, and devote yourself to gain experience and strategies.

1. Knowing the ins and outs of flipping houses - you do not know anything about house flipping or you might know something but it won't help you make it in a business, so what do you do? You learn it, everything about it, just like how you studies for your biology exam. Theoretical knowledge might not be that good in the real setting but it helps you understand the practical set-up of the whole flipping houses process.

2. Learning from an expert house flipper - learn from somebody who has enough experience to come up with his/her own flipping houses for dummies book. Like how the kung-fu experts do it, hey work with one master and get to learn the secret trade of the kung-fu technique. It's even better if you could spend enough time with as many experts as you could so that you will be able to compare their strengths and weaknesses in the house flipping businesses and work your own fool proof house flipping guide that you could use for yourself.

3. Experience a whole flip happening - This is where you can see all the theories working in action and you can actually get to experience the flip, even in an outsider's perspective. This is a good way of having an almost-hands-on experience in flipping without having to lose a lot of money.

4. Take time to gain experience and come up with your own strategies and techniques in flipping - try to repeat numbers 1-3 over and over again until such time you can already do your own flipping. Then, do not stop there and still continue the 1-3 steps together with the whole flipping experience. Now, the most important thing that you need to remember is celebrate with your gains, weep with your loses, but never forget to learn from everything. Take note which ones you did were good and which ones were bad and which of them could work in what situations. This will require you to devote time - a lot of it - but this will assure you of a very systematic way of going through the whole house flipping process.

About the Author

Terry Wygal also known as The Quick House Buyer, has been teaching real estate investors how to wholesale and flip houses for several years now. Terry also teaches real estate investors how put your website on the front page of google and crush your competition.

Is it more practical to buy condominiums rather than a "house-&-lot" property in the Philippines?

Since there are many condominiums rising nowadays in Metro Manila, and they seem to offer affordable prices, is it better and more practical to buy condos than a house & lot? Why or why not? Thanks!

That's a tough call without knowing more of your situation. If the real estate market in the Philippines is similar to the US market, then as an investment, I would think buying a house & lot is better, since homes tend to appreciate more than condos. But there's more work with maintaining a house, versus a condo, so you'll need to take that into consideration. Either way you choose, I think it's a good move, just decide which option suits your lifestyle better....=)

Good luck...

This Week's House Plan
House plan: AM-1101. Craftsman touches such as a wide front porch and bump-out window provide the facade to this narrow-lot home. The house has a rear-loading garage with alley access. High ceilings in the living and dining rooms make the open floor plan feel more spacious.

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