What is house flipping?

"Flipping a property" refers to the process of purchasing a real estate property with the intention of selling it for a profit in a short amount of time.

Property flippers typically buy properties that are undervalued or in need of significant repairs, they then make the necessary renovations and improvements to increase the property's value. The goal is to sell the property quickly, usually within a few months, for a higher price than what was paid for it, thereby generating a profit.

Flipping can be a risky investment, as it relies on a quick turnaround time, and on being able to correctly assess the market value of the property and the cost of the necessary renovations. Additionally, there may be significant costs involved in the flipping process, such as purchasing and renovating the property (cost of labor and materials), paying for real estate fees, and carrying costs such as property taxes, insurance, and utilities while the property is being renovated and marketed for sale. Beware of permit laws and regulations that can also lead to fines and costly delays.

If done correctly, flipping can be a lucrative investment and a way to quickly generate profits in the real estate market. It requires careful research, a good understanding of the real estate market and renovation costs, and the ability to make fast, informed decisions.