Team Thayer Property Servicing

Flipping houses looks glamorous and easy on TV. Many people are enticed to get into the business, lured by the promise of easy money and high volume. But what is really involved in flipping houses profitably? We took a look. What do you need to get started? You need an excellent credit score. You need cash, because you are usually investing in a high-risk property and need a bigger down payment, or you are buying outright, free and clear, at auction. Another option would be a  203(k) loan  but that’s a whole other article. You need to know the real estate market. Most importantly, you need to know houses. Just like a good car mechanic looking to spend the least on a fixer upper, you need to know just how deep the money pit goes. What you should look for in a house to flip: Location . Find a  home  in a desirable neighborhood, or in a city where people want to live. Sound Condition . You don’t want to start rebuilding it from scratch. Look for home t...