The business of locating, purchasing and rehabbing properties in need of repairs. The properties are then sold to new qualified buyers at retail prices.
Fix & Flip Real Estate Basics
There are only three major differences between wholesaling and fix & flip (retailing):
In retailing, you are the buyer and you will need money to buy the property from the seller.
Once you have purchased the property, you will need to fix it up to sell to a new buyer.
Where you profit.
WHOLESALING – You profit before the property is fixed up.
RETAILING – You profit after the property is fixed up.
Are You Ready To Retail? Retailing is one of the hardest businesses to get into. First you have to have access to money to buy the property, money to fix up the property, manage contractors, and be able to sit on the property until it sells. If you have never been in this business, I recommend that you start out wholesaling properties and make some quick cash. Once you have built up some experience, start with a cheap fixer upper and then work your way up. Never stop your education on retailing.