My credentials? I have done both . There is a wide range of money you can make. Just like any other goals in your life, set a goal.
Let's first describe what "flipping" a house is. There is really one word (flipping) that is used interchangeably for two kinds of flipping.
This can also be called "selling a contract".
Here it is how it is done. You find a house. There are many, many ways to find houses. FSBO houses, ask people, knock on doors, find old empty houses and a myriad of other ways. These will generally be "distressed" sales. In other words, the seller must be in a position to have to sell the house and is willing to discount the sale.
Next you must determine what the house is going to be worth to your buyer. Most times these houses will be in some sort of disarray. That means that the normal buyer won't be able to buy the property because it won't be financeable. Your buyer is p…