Is Flipping Houses Just Another Job?
Ever really wonder whether flipping houses is the right thing for you? Maybe after watching all the shows on TV you finally decided it was time to jump in head first into the world of Flipping. Good for you, if you mapped out a plan to become financially free of the slavery of society and decided to be your own BOSS.
But then again, do you want to be a BOSS? Are you just leaving one job for another? Maybe.
Flipping houses, although often depicted as an exciting and glamorous lifestyle can often be everything but exciting and glamorous. It can be very time consuming and research intensive, but is most surely not something for the faint of heart. From countless hours of researching titles, property values, and driving neighborhoods - to attending auctions, supervising repairs and construction; flipping is much more than just a business. It’s a lifestyle.
Indeed, there is a lot of money to be made in Flipping houses, but at what cost? Before determining that Flipping is the way to enter the real estate market, know that it is not really a business, its a JOB. By Job, I mean this - If you were to flip 2 houses a month, you would have the income to sustain yourself based on the income you make from your flips. But if you took off a month or two, what happens to your income? It dissapears. So, by not having income when your not working, you have a JOB!
On the other hand, if you have developed your trade to the level that you have employees that handle the everyday operations to include the property searches, evaluation, offers and even the rehab and closing, you just may be on to something! If not, you may want to try the buy and hold strategy and let someone else manage it for you. Once you have enough properties producing cash flow that you can leave town for a month or two and not have to work, then your a business owner!
Happy Home Hunting!