The following are a list of Frequently Asked Questions (FAQ's) about fixing and flipping your way to a million dollars in foreclosure real estate.

What does it mean to "flip" real estate?

To "flip" real estate means to acquire control of a piece of undervalued real estate, make improvements to it, and then resell or reassign the rights over it over it, for as much profit as possible, in the shortest time possible.

Does it take money to make money in real estate?

The answer is "yes" and "no". The bad news is yes, it takes money to make money in real estate. The good news is that the money that you invest does not have to be your own. You can always partner up with a someone who can put up the money while you put in the work. You can always find a private investor. You can always obtain a hard money loan which is secured by the property and not by your own credit. You can always work out an owner-financing deal or take control over a property subject to the existing loan.

How much money can I expect to make, investing in real estate?

If you follow a system properly, then on average you can make anywhere from $5,000 to $30,000 on a single real estate deal. But these are just average numbers representing a wide range. If you invest in properties at no more than 70% loan-to-value (LTV), you can expect to make somewhere between $10,000 to $20,000 per deal.

Do I need any special training, license, or certification to practice real estate investing?

No. Real estate investing does not require a license or any special training or certification. Real estate investing should not be confused with being a real estate agent or a real estate broker. A real estate agent or broker brings buyers and sellers together to transact real estate purchases and sales. A real estate investor buys properties, fixes them up, and then rents them out or sells them again. Since you are not providing a service to consumers in exchange for money, you do not need a license.

How long will it take for me to make a million dollars investing in real estate?

It depends on how much effort you put into your endeavor. If you treat real estate investing like a business and constantly keep at it, accomplishing your set tasks daily or weekly, you can set a goal to make a million dollars by a set date. For example, if you set a goal to make $1,000,000.00 in the next 12 months, you know that if you make $10,000 per deal that is 100 deals. If you make $20,000 per deal, that is 50 deals. Thus, if you work diligently enough that you were to get into one deal every week, then you could make $1,000,000.00 in one to two years. If that schedule is too aggressive for you, then plan accordingly.

I have a day job. Can I do real estate part time and still make money?

Yes you can. If you can set aside 20 hours a week, you can do real estate investing in your spare time. While there are some aspects of the real estate investing business that may require you to work exclusively during business hours (eg- dealing with real estate attorneys, going to the court house, calling banks, and title companies, these tasks can be minimized if you have access to a cell phone, fax machine, and a local post office or third-party mail carrier.

What about this down market?

Real estate investing is typically all about buying low and selling high. But if you really want to be successful as a foreclosure real estate investor in any market, you need to operate on the principle of buy very low and sell below market value. Let me give you an example: If you buy a house that is worth $200,000 after repairs, you really should plan on selling it for no more than $190,000. That means that you need to leave enough margin for you to still make a profit. If you buy a house for $140,000, put in about $10,000 worth of repairs, and then the house becomes worth $200,000, you should try to sell it for $190,000. This way your house more likely to sell quickly because the price is already reduced. Otherwise, if you don't have room to reduce your sale price, you will need to rent out the property, which isn't such a bad proposition either, considering you will be gaining some cash flow every month, a tax deduction, and you can always resell it later when the market rebounds. The bottom line is that foreclosure real estate investing is a win/win proposition in any market.

How do I get started in real estate investing?

The first thing you will need is to subscribe to a foreclosure listing service online.

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