Many are finding investing in real estate a good way to make some profit; others are pursuing this as a full time occupation. Either way, you will need to know how to find foreclosures to flip at a reasonable profit. In order to get it right, you will have to know three basic rules without which whatever you do in real estate will turn into dust.

1. Study your market well ? though this is a talent that comes with a certain amount of experience, you can teach yourself to do it by concentrating on what are the running prices of the houses in the area; which house features looses money and which features increases the price. Check out which exact area/ location houses are selling like hot cakes, and which are not selling at all. Did any financing options help in the speeding up of the sale? Find out what are the buyers looking for in new/old houses.


2. The best opportunities come to you as problems ? learn to recognize when problems mean opportunities. When you chose a foreclosure for flipping, you will need to be able to judge quickly which 'bad' houses can be turned into gold mines with reasonable fixing. You should be able to look at the property as what you could make out of it, not what it is when you see it first. Sometimes, just a change of interior and exterior paint, cleaning up the yard and mowing the lawn, can make a world of difference. This is why knowing the market is important. Once you know what the regular buyers are looking for, what actually rises the prices of the house, you can judge how much investment will be required, and how much you can profit out of the deal. If your judgment is correct, you are on your way to become a millionaire.


3. Know when to fold ? learn to recognize when you should let go of an investment. The worst mistake anytime is when one throws good money after bad money. You should be able to judge the extent of repair/ fixing a house requires from a cursory glance. Avoid houses which need extensive plumbing work, electrical work and or plastering work. All these are extremely expensive, unpredictable and may not turn out as you wanted them to be in the first place. Hence, you should know whether it is worthy to invest in the house or not.

The above three rules and the golden rules by which you can find a suitable foreclosure to flip for profit. However, be warned that it takes time to smell gold, as much as to smell a rat. Though for some this is an inbuilt talent, there are many instances where people were left waiting for years because they misjudged the salability of a home. You will need to activate and develop the inner sixth sense which will tell you which house is good to flip and which is not. Anything that gives you less than $30,000 in returns, is not worth the trouble.

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