Professionals on television make property flipping look easy. In fact, flipping requires a great amount of knowledge concerning real estate markets, remodeling trends, material costs, trade skills and more. Before jumping into the market, would-be flippers should be sure they are in a position to make a worthwhile profit.
Knowing the Cost
Flippers who do not have a solid grasp of the costs of property ownership will quickly find themselves accumulating debt rather than profit.
Of course, there is the sales price of the home, but there are also plenty of costs that go along with the sales price. First, both the buyer's and seller's real estate agents will collect a certain percentage of the sales price as a commission, which can cut into…