Learning how to flip foreclosures is every bit an on-the-job learning experience, if not more, than the education you would receive in a typical foreclosure boot camp training class.

People have this misconception that flipping foreclosures is easy money, and that you can make a million dollars overnight. While it is true that you can millions of real estate in a relatively short time span, it is definitely not as easy as the gurus make it sound.

Investing in real estate is a complex business. There are so many aspects to the business. There is the legal aspect of it; you need to understand foreclosure law, mortgage law, bankruptcy law, real estate ownership and transfer laws, building codes, and the laws pertaining to renting. There is the financial aspect; you need to understand how mortgages work, you need to know how to negotiate with mortgage companies. There is the rehabbing aspect; you need to know how to estimate the costs of repairs to a house and you need to know how to renovate a house, whether or not you will be doing the work yourself or outsourcing it. You need to understand the real estate appraisal process. You need to know how to research foreclosures to find the ones worth investing in versus the ones that are not good deals. You also need to know how to negotiate with homeowners.

Flipping foreclosures is fundamentally a 5-step process:

1. Research foreclosure leads and weed out the good ones from the bad.

2. Contact the owner of the house or the mortgage holder, depending on whether you are buying the property during the preforeclosure stage or after the house has already been repossessed to negotiate a sale and get the house under contract.

3. Obtain funding for the deal by either obtaining your own financing or forming a partnership with a money partner, and then fund the deal.

4. Renovate the house.

5. Rent the property out or put it on the market to resell it either by owner or through a real estate agent.

Whether the housing market is experiencing a boom or a decline, there is money to be made. When real estate is hot, you can expect to flip properties fairly quickly and pocket a decent amount of cash, anywhere from $5,000 to $30,000 or even more per deal, depending on the specific deal and the market you are in. When the housing market is in a decline, you can put the property up for rent to cover your mortgage and possibly earn some positive cash flow, and then flip the property when the housing market picks up again and the house has gained sufficient equity.

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