Investing in real estate has created more millionaires than just about any other type of investment. Why is this?? It is likely because investing in real estate (if done right) has the potential to create income at an amazingly rapid rate. Appreciation is the key to long term success in real estate while convenience and curb appeal are the defining factors of the shorter term holdings. Which kind of investment you seek purely depends on you and what you are looking or. If you have the time and the money to pay in the market for some time then renting is a great way to increase your equity and therefore your borrowing power Arranging mortgages so that they are completely paid by the renters with a little left over every month is a great feeling to have.

Of course, not all of us can afford the time that is required to be a professional landlord. This leaves flipping a home as the most likely candidate for an investment. Home flipping is all about fixing a home up and getting rid of it quickly before the monthly bills start to stack up. Home flip usually involve some renovations to bring the home up to par. Once there you can renovate a bit to improve the asking price of the home. Remember that you have a definite bottom line on this kind of investment where you cannot afford to spend any more money for fear of not being able to make it back when the home sells.

Investment can be a dangerous game to get involved in if you are unsure of what you are doing. You are naturally putting a lot of money on the line and would like some sort of a guarantee that you will see a good ROI. Unfortunately that is the thing with investing, you are taking a chance that your enterprise will make money. This is why research and education is so important in the investing world. You must be able to find the correct investments that will bring in profit and be able to manage them correctly so as to maximize their profit. Smart investing is where it’s at, don’t jump into anything before knowing what you are jumping into.

Jeremy Sposato is the owner & Managing Director of J. Roberts & Co. your elite choice for Tampa Bay real estate For professional service and intelligent information on Tampa Bay homes contact J. Roberts & Co real estate services or visit us online at http://www.jroberts.com

The first step is analysing your finances to see if you can afford to take on a second home and remodel it. You should have an idea as to how much your total budget is going to be for the project, and make sure to factor in closing costs on the project home, contractor overruns because things are bound to take longer than you thought, and then money for incidentals and accidentals, as well.

Once you’ve got an iron clad budget, the next step is to find a home that you think is flappable. Most people go into these projects with a property already in mind, but for some, searching for a saveable house that is within their budget and at the same time will be sellable can be extremely difficult. There are many people out there looking to flip houses, so finding one for yourself can be a real chore.

Once you’ve picked your property, you have to go through the buying process. Expect delays and make sure you have the property appraised by an independent appraiser. Also, be aware that closing costs can fluctuate dramatically.

So, the house is all yours. Now what? The best thing to do is to bring in an expert to help you see everything that needs to be done. From electrical to plumbing to interior design, flipping a house right is a huge job, and you have to be prepared to spend the money.

Once renovations have started, be prepared to dedicate as much time as needed to the project. The things that you can do yourself will save you money, but don’t be afraid to call in an expert for the big jobs.

Once the property looks like it should, have it reappraised, and once you’re ready to sell, don’t be afraid to embrace non-traditional methods of selling it, like the Internet or out-of-town newspapers. You need as many eyes on your flipped house so you can unload it as quickly as possible and stop making payments on it. The longer the property sits there, the less successful your house flip will be.

House-flipping has become one of the most fashionable ways to make money for hard working people. But be prepared to go into your investment with your eyes, and your wallet, wide open.

Patrick Zanders is an Author, Lecturer, Financial Consultant and Real Estate investor and is managing partner of http://www.ezunsecuredcredit.com the nations premiere source for obtaining unsecured lines of business credit for working capital with NO upfront fees.

You really have two course of action when it comes to bringing in multiple streams of income when building your financial portfolio. The first is to spread your real estate wealth and investments across several different types of real estate investments. There are a few types that come immediately to mind. First there are rental properties. You have two options even with these. You can either choose to rent properties outright to families, students, singles, and the elderly in your town or you can offer a lease or rent to own situation for those who have struggled in the past but still have the dream of home ownership.

Other options for bringing in multiple streams of income through real estate is to have a few rental properties and couple those with a few flips in the works, perhaps a commercial property or two, and a pre-construction deal or vacation condo in the pipelines. One thing is certain you should always be on the lookout for your next real estate investment if you really want to make good money in this business while having a little added security. Rentals are passive income for the most part, especially if you have a solid property manager taking care of the details and the other investments are often icing on the cake.

If you want a truly diversified portfolio however, it is a good plan to include a few investments that aren’t related to real estate investing. While I firmly believe that real estate investing is the way to go for most people there is much money that can be made in other fields and it would be pointless to discuss multiple streams of income without mentioning a few that were unrelated to real estate investing. Retirement plans are a great option and you can now invest in a retirement plan of your own even if you are self-employed. It is definitely worth considering as yet another stream of income, even if it is income that you will need to wait a while to receive. Franchise businesses are often great money makers for those who need more immediate results from their investments efforts, and stocks and bonds are also great long term investment strategies.

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Listed below are some of the most common ways that you can find a flipper/fixer upper in your area.

1. The most traditional way of finding a fixer upper is simply getting in your car and scouring the neighborhoods that interest you. Investors like to call this driving for dollars. By doing this you may not come across a lot of properties, odds are only about 5 to 10 driving for an hour, but you may find the one that really catches your eye. You are looking for neglected, unkempt properties, abandoned houses, FSBOs (for sale by owners) or homes with for sale signs in need of TLC in nice neighborhoods. Remember, you are not looking for beautiful, you are looking for potential. If you do happen to find a fixer upper this way, make sure that you take down the address (to look up the owner on the tax rolls) as well as the name and number of the real estate agent if there is a sign.

2. Finding one can also be done by searching the classified ads. This is also a more traditional method of finding a property. You can look for key words like: fixer upper, handyman special, needs work, or must sell. The best thing about searching for a flipper upper this way is that you will be able to search by location and price without ever having to leave home.

3. And of course you can search for a fixer upper online. There are two ways to do this. You can either search a site that offers listings from a variety of different real estate agencies, or you can visit the site of each independent agency. Either way, you will be able to find a lot of details on any fixer upper that may catch your eye. These sites offer information on pricing, as well as pictures of both the exterior and interior when available. By searching for a fixer upper online, you will ensure yourself of coming across the largest number of properties available in your area.

4. Find an investor friendly real estate agent, tell them exactly what you are looking for, in what area, price range, how much fixing up you feel comfortable doing and let them do the exploring for you.

Overall, finding a fixer upper can be done in a number of different ways and to find a really great deal it will probably take all the above. There are even more sophisticated, more profitable ways to search for investor properties we will explore next time. These ways mentioned of searching for a flip are all free except for the time invested. The time you invest should be considered part of your real estate education. Because the more you drive for dollars, the more houses you inspect, the more pricing you become familiar with, the more you will recognize a real deal when you come across one. Instead of overlooking these options, why not give it a try? It does not cost anything to look, and you may find that flipper upper of your dreams.

Alex O’Neal has been in Radio and TV for almost 30 years and has interviewed hundreds of experts on various topics. He is the host of the AmFm Real Estate investment Show where he interviews Real Estate Investing Specialists. Alex has been investing in real estate for the last 15 years and lives in Austin, Texas.

You can hear his Real Estate Investment Podcast at http://www.AmFmREI.com

1) Appraise. You need to have a proper appraisal performed on the house you intend to flip and compare it to other houses in better condition and of similar size and style within the neighborhood. You do not want to buy the best house in the neighborhood, in fact it is best if you can find the neighborhood eyesore and turn it into a competitive house for the neighborhood in order to get the most for your money. More importantly you want the appraisal to reveal the actual value of the home now as compared to the price you are paying and talk to the appraiser about what the home would be worth the with improvements you are planning to make.

2) Bold Moves. Sometimes it takes bold moves to make the impression you want to make. The decision to flip houses is a bold move in and of itself and while you do not want to necessarily enter into risky waters you do not want to play it too safe either. Be cautious with your financing and guard your expenses and your budget well but make the changes that will catch the eye of the next owner for the property.

3) Can do Attitude. You absolutely must believe you can do this in order to get it done. A house flip is not an undertaking for the timid or those that lack self-confidences. You will need to stand up to your contractors, inspectors, and even some vendors in order to get the best price and the most bang for your buck. In other words you need to believe in yourself and what you are doing in order to get it done. This doesn’t mean you shouldn’t listen to the advice of those with more experience and expertise, especially when it comes to structural issues within the home and bringing the property to code but you also need to stand up for yourself to insure that you aren’t paying for things you aren’t getting.

4) Determination…

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When we start a project we do two things first: put up a for sale sign and start working on the outside to draw attention to the house. Homedale was a big ranch that needed a lot of work on the outside. It needed new siding, a new rail built across the front porch, new lights, new paint on the shutters and doors, and some major landscaping in the back.

The landscaping consisted of a few things. The fence line along the back yard had trees and branches and bushes that all needed to come out. It also had a pool that had been filled in with dirt and had grass and weeds that hadn’t been mowed in months! We had our landscapers take the grass and weeds out and fill the pool up with mulch, large rocks, bushes and a few small trees. It looked great when it was done!

The inside needed all new flooring, new bathrooms, new lights, and a lot of minor repairs. When Dan started on the siding outside he told us that it would take him a few days to finish that. Well, he was pretty much full of crap. He started on it and a week later still wasn’t finished! We needed him on the inside to do some drywall work and other things on his list so that my wife and I could get in there and paint. We decided to move him inside to keep things “on schedule”.

Dan was like a lot of contractors, he will tell you what you want to hear to get the job and then screw around. At least that’s my opinion! He showed up daily at 9-10 am and would leave at 2-3pm. I tried yelling at him, threatening to fire him, and I can’t even remember what else I did. Needless to say it was very frustrating! I decided to call his business partner, another guy named Dan, and threaten him with firing. It worked! Finally!

Dan got his stuff done, slowly but surely, and then it was time for us to move inside and him to move back out to work on the siding. Once we got in there we saw a ton of things Dan didn’t do that was on his list to do. It was past the point of having him come back in because we were behind schedule. We went ahead and finished these things and kept pushing. He finaly got the siding done about 5 weeks after he started, about 3 weeks longer than he said he was going to be in there.

We have had problems with contractors in the past so we had a signed contract that stated finish date and an agreed upon price with a penalty for going over the finish date. Obviously Dan didn’t get all the money he thought he was going to get. He even had the nerve to call me after the project was finished to tell me how excited he was to work together again. YEAH RIGHT!!!

On our next project I am going to cut up the jobs a bit. I am gonig to hire a friend of mine and we are going to go in and tear out carpet, cabinets, countertops, bathrooms, etc. Then our painter will come in and prep and paint walls. After that our contractor will come in and install tile in the kitchen and bathrooms. Then our contractor will install the kitchens and bathrooms as needed. Then our carpet goes in, then we sell the house and make a lot of money!

Sounds easy right? We’ll see. House flipping is something that can be incredibly profitable and at the same time can be a huge pain in the butt! I’ll write again when we finish our next house flipping project!! Until then, happy real estate investing!

Jared Christiansen has flipped 8 houses over the last 3 years. He worked full time and flipped houses part time until 2007 when he started flipping full time. His wife Amanda obtained her real estate license and joined him in the business. Together they own a real estate company and have started filming their flips to show new investors the realities of the this business. Their website is http://www.Daybydayflips.com and they can be reached at DaybyDay@daybydayflips.com Jared has actually started a new blog at: http://daybydayflips.wordpress.com/ Check it out!

Begin by establishing a realistic budget for the entire project. If you find yourself spending more money in one area than you had originally planned you need to either revisit the initial budget and plan for adding more money to the pot or you need to make cost lowering adjustments elsewhere along the way to recover the excess. You will need to have a firm idea of the projects you are going to tackle, big and small, as well as the costs involved in each project. Take a walk through a hardware store and get a firm grasp of today’s prices on the hardware, equipment, and supplies you will need to complete the job.

Use contractors when necessary but sparingly. There are times when it will cost much less to use a contractor on a project than to muddle through on your own. There are also times when local laws require a contractor. You need to use contractors for these times but you need to avoid paying the princely labor costs contractors charge for things that you could easily do yourself. You never want to spend a penny on a flip that you don’t need to spend and labor costs are a huge budget buster.

Get permits first and up front. Time is money when you are flipping a house and once you start the work that time is precious. Make sure you have all the permits you need and that they are paid for before you begin the project in order to save time and money after the project has commenced.

Then create a habit of accounting for every penny spent throughout the day at the end of every day. This becomes a good habit to have for your first and all subsequent flips. By doing this you will have a solid grasp of how much money you are spending as well as how quickly you are spending it. You will need money to spend on little things throughout the course of the project so if you are spending money too fast up front you may not have the money needed to take care of the small details that mean a lot when all is said and done.

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1) Have an inspection. For whatever reason there are many people who enter into a property flip situation without ever having a valid and complete inspection of the property made. This means you could be doing work that will need to be undone at some later point in the process. You want to avoid this situation if at all possible and it is easily done (in most cases) by having a thorough inspection. There will almost always however be some unanticipated surprises along the way.

2) Establish a budget and stick with it. Most people flipping houses plan a budget. Unfortunately, for whatever reason, very few actually stick to the budget they originally established. It is a good idea to leave a little wiggle room in your budget for unexpected emergencies but be firm on the spending limits for specific projects. If you go over on those projects eliminate something elsewhere in order to save money.

3) Consider the target buyer when making adjustments. You must understand when purchasing a house to flip that you are buying the house for someone else and you need to make adjustments, changes, and improvements according to what your target market demands, expects, and can afford to absorb the costs of you adding. It doesn’t matter how beautiful you’ve made the house if no one that is willing to live in the neighborhood can afford your asking price when all is said and done.

4) Remember that this is a business situation and don’t refuse to consider offers that will net you a profit just because the profit isn’t as good as you’d like. A house sitting empty on the market accrues carrying costs and is ripe for all manner of disasters. You want to get in and out as quickly as possible so that you can free up your investment to move on to the next project. Entertain all offers seriously even if they aren’t what you were hoping for. You never know when one might be the best you’re going to get.

5) Don’t take it personally. Once again a home is a very personal thing to most people. While you may have worked very hard selecting colors, materials, flooring, etc.

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1) Do what needs to be done. Don’t cut corners and create situations that will put the family that purchases your home in personal or financial risk. You want to create a safe home for the family or person that ultimately makes the purchase. You do not accomplish this by taking shortcuts and using shoddy workmanship.

2) Avoid spending money that doesn’t need to be spent. By this I mean don’t spend money creating more work. Many people do this by deciding to tackle additions, rip out walls, or changing floor plans. These kinds of changes are best left to the buyer unless they will significantly improve the asking price you can bring in on the house. Otherwise spend the bulk of your money in kitchens and baths where they are best known for bringing in bigger profits.

3) If it ain’t broke don’t fix it. There is a lot of wisdom in this age-old saying. There is no reason to go in and fix something that doesn’t need to be fixed unless doing so will improve the value of the house to its buyers.

4) Always work within a budget. Most people set a budget when planning to flip houses but very few manage to work within that budget. This is the difference in making the profits you anticipated and putting the entire project at risk.

5) Create a home that the buyer will want to live in not the home that you will want to live in. You should never flip a house or design a flip according to your tastes; it is a recipe for disasters in more ways than one. First of all, it is unlikely that buyers will be able to afford it. Second, it sets you up for hurt feelings if a potential buyer rejects any small details. Third, it often raises the price you must seek for the property in order to cover the increased costs of decorating and designing according to your taste.

Finally, it often leads to unnecessary expenses, which defeats the purpose of a quick flip type of project… more: http://www.buyrealestate.com.cn/Beginners-Guide-to-Flipping-Houses.html

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1) Do put everything to pen and paper and plan it out carefully before you begin. If you are going to enter into this to make money you need to treat it like a business. This means you need to have a plan of action and make every effort to work towards carrying out that plan.

2) Do establish a budget for the entire project. You need to have a plan for how much money you are willing to invest in the property itself, how much for renovations, and how much money you need to make in order to be a worthy investment for your time and labor. A house flip is a lot of work in order to pull it off successfully. You want to have a good idea of how much homes in the neighborhood are worth, the value of your property as is and the estimated value of the property once improvements are made. In addition you should also have a pretty firm grasp of the costs involved in making the repairs in order to create a realistic budget for the entire project.

3) Do have an inspection. This is the single most important detail that can save you a great deal of time, money, and heartache when everything is said and done. Be prepared to walk away if the inspection determines that there is more work needing to be done than simple cosmetic repairs. You want to make changes that people can see because those are generally the changes that drive up the cost of the house. You want to avoid needing to make changes and improvements that aren’t visible but are very necessary. If you need to invest a lot of money and labor into the house you need to seriously consider the realistic profit potential the property offers. If it isn’t significant then you need to walk away before the property becomes a real estate investment money pit.

4) Do know the neighborhood and plan your flip according to the needs of the area rather than your personal tastes and needs in a home. This is another thing that many first time flippers forget. This is not a personal project it is a business project and you need to treat it as such. Keep costs down and feelings out.

5) Do remember … more: http://www.buyrealestate.com.cn/5-House-Flipping-Dos.html

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