Frequently Asked Questions
Do you have other questions? Perhaps I can answer them here. Check out some of the most frequently asked
questions and see if you can get your questions answered. If not, you can always contact us here.
+ What is house flipping?
House flipping is a process of buying a house that is sold at the lower price and reselling it at a higher price, making profits from the difference. In the process of flipping, the house will usually go through a renovation so that it can be sold at the higher price.
+ What is the key to a successful house flipping?
The key to a successful flipping would be: 1) Able to locate a good house in a good location 2) Able to buy a house at a 'lower-than-market' price 3) Able to 'upgrade' or renovate the house at the lowest price possible 4) Able to sell the house at the higher price possible
Each point above is a challenge and a skill on its own.
+ What is the best way to flip my first house successfully?
There are many ways to start but I would recommend that you do the following: 1) Get certified by taking up some courses so that you are in the loop of the latest developments in real estate 2) Flip your first house with an experienced house flipper. That person could be your mentor or a compatriot that you will give a cut of the profit.
You may make mistakes along the way but having certification and a friend can help kick-start your career.
+ Do I need a qualification?
Quite frankly, if you are an experience real estate person, you don't really need the qualification, unless required by the state. But to be on the safe side, I do recommend that you take up some courses so that you are qualified in real estate matters.
Some clients do look for people with qualifications so it does help to have a certificate. This website can provide some good information on the various real estate courses: http://www.realestatelicense.com
+ What is SAFE Compliance?
SAFE stands for Secure and Fair Enforcement. This is a federal law under the Mortgage Licensing Act. The purpose of this compliance is to ensure that the consumers are protected from possible fraud, raising the standard of the realtors.
Is it hard to get SAFE compliace? Not really, you can get it done online. The requirements are pretty simple too. You just need at least 20 hours of pre-licensing education plus and at least 8 hours of continuing education every year.
You can check out this website for more training courses: https://www.trainingpro.com
+ If I started my career as a house flipper, is there other avenues or career paths for me?
I'm sure that are. The best way is to get certified so that you can move to other laterally-related industries.
Check out this website for the various course: http://www.realestatelicense.com/courses.aspx http://www.realestateexpress.com/ http://www.realestateschoolonline.com/
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