Quick Turning For Dollars- Lots of Dollars

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Author: Tony Seruga, Yolanda Seruga and Yolanda Bishop

Article source: http://www.articlealley.com/. Used with author's permission.

Quick turning or ?flipping' as it is more commonly called is just one of the millions of ways that people use to get ahead in the world by using real estate. Quick turning has to do with purchasing property and reselling it for a profit, and there are a variety of ways to actually do this. Based on the type of property you acquire, you can get any amount of profit back from flipping real estate.

The main method of quick turning for regular people or first time investors has to do with acquiring property through bank auctions and such at rock bottom prices. From there, the investor can choose to do any of a number of things with the property, including fixing it up to raise its value or turning around to sell the property so that they can make a profit off of it based off of what it would have been worth had it been sold the traditional way.

?Flipping' and ?Quick Turning' are terms that are commonly used in real estate to describe how a person can acquire a property and quickly re-sell it to make not only their original money back but a profit as well. There are a couple of different ways that this can be done, and we will examine this in a bit greater detail.

First of all, it must be clarified that every time a person buys a house to re-sell it for a profit, this is not always considered to be a ?quick turn' of a house. Quick turning has to do with paying a lump sum one time for a house, and then turning right around to sell it for more money. If you hold onto the house to fix it up and then call Century 21 to help you sell it, this is not exactly what you might call a quick turn.

For those who are just starting out trying to make money in the real estate industry, flipping houses is a great way to get your feet wet. Some people have the ?in' so to speak, when it comes to getting great deals on houses that have been foreclosed on or even houses are just plain falling apart and people want to get rid of them. In some cases, it is more cost effective to just tear the house down and use the land to build a new one. In other cases, the value that the house has lost can be regained by fixing the house up to get it up to market value, and this is one of the most popular types of quick turning that there are.

Another one of the more common ways of quick turning is to buy, refinance and sell. In this instance, the buyer gets a hold of their property but it is sold on terms. After that, the buyer can have the work done to the property that must be done and re-sell it for a substantially higher profit. This is one of the best ways to make a profit using quick turning as your method of choice, as it is the most safe when it comes to investing dollars and transferring risk.

Needless to say, as with all aspects of real estate, there are some financial risks and implications involved in quick turning. You do always stand the chance of not being able to regain the money you spent on a certain piece of property that you bought. With many properties, buyers take the time out to fix the place up and then resell it for normal market value for that type of house. If the buyer does not have the money or the willpower to fix the piece of property up, they always have the option of reselling the property as a ?fixer upper.' You can normally get a better price for a fixer upper than you can get for a property that had to sell fast, and first time home owners are always looking for fixer uppers, especially those that do not have the large down payment for a home but are still looking to purchase one.

Where can you get houses to quick turn? Often times, Banks hold auctions on a regular basis, selling homes that people took loans out for and were unable to pay. These homes are usually sold for very low prices, as many times, banks offer their own financing to help pay for the cost of the home or the homes are purchased in one fell swoop with a single payment (usually the latter). Also, homes that belonged to people who were arrested or passed away are auctioned off by the city or the person's estate, and these are also great ways to get a hold of properties to flip for profit.

Tony Seruga, Yolanda Seruga and Yolanda Bishop of http://www.maverickrei.com specialize in commercial and investment real estate. As of May, 2006, they and their partners are managing over $600 million dollars worth of new projects.

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