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of the easiest ways of getting involved in Real Estate investing is to buy a property and sell it within a relatively
short amount of time for a profit. It avoids the hassles of dealing with tenants, and since you are buying and
selling at basically the same time, it avoids the potential of the bottom falling out of the market and taking
your profit potential with it. Due to the short time span, your return on investment, as a percentage, can be higher
than almost any other form of investment.
Finding good property to "turn" is one of the most difficult tasks you will face if you intend to do
a quick turn investment. You definitely will not be the only prospective purchaser of a property that shows good
profit potential. Not only will you have other investors to compete with, more and more first time buyers are competing
for the same properties--not to fix up and sell, but to repair and live in. In addition to your own efforts, you
may want to enlist the help of a good Real Estate Agent--one who has experience working with investors--to aid
in your search.
You will also need to develop a "team" of professionals that is willing to give you top priority. When
you "rehab" a house, things must be done in a certain order. For example, any inner wall plumbing repairs
must be done prior to any sheetrock work, which must be done prior to any painting or wallpapering. A plumber who
makes you wait 3 weeks before getting to the work can not only hold up the entire project, but can also cut heavily
into your profit potential. Besides the obvious monetary cost of holding the property while you wait for repairs
to be completed, a holdup can push you from a good Real Estate market time (for example, early October) to a lousy
one (for example, the time between Thanksgiving and Christmas) and severely limit your pool of potential buyers.
Strategies
There are a couple of different strategies to maximize your profit potential
in "quick turn" Real Estate investment. One of the best we have seen is Lawrence Dworin's Profits in Buying and Renovating Homes
Both novice and more experienced readers have found this text to be helpful, since it takes a step-by-step approach
to the WHY, WHAT and HOW is involved in purchasing, renovating and selling residential property for profit.
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