Flipping houses is a serious business where large investments can reap large rewards or large losses. It is not as easy as seen on TV! Even experienced flippers sometimes miss the mark.
If you are considering flipping homes for the first time, here are some tricks to put you on the path to success.
1. Do Your Homework
Many flips fail due to lack of planning. Structure your business. Consult with lenders, tax planners, financial advisors, and real estate agents for the best strategy for this investment. Seek legal advice for structuring an LLC, corporation, etc. This is especially important when family and friends become involved in a joint venture.
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