id-range neighborhoods and look for the slightly run-down homes with solid bones that have been on the market a bit too long. The owners are usually anxious to sell, and the most buyers avoid fixer-uppers, so you can negotiate from a firm position. Also check out Sheriff's Sales, banks that handle foreclosures and online auctions.

Of course, even after you purchase the property you have

There are lots of cable television shows these days that feature "flipping" houses for profit that make it seem like just about everybody's doing it. For the uninitiated, flipping a house means buying a house at one price, then improving it in a short amount of time to sell it again quickly for a substantial profit. Most people who flip there first house have dreams of making an enormous profit very easily, but it's not that simple. Complications almost always come up, and you have to be very aware of the area, what the market will bear and which improvements are worth the investment to flip a house successfully.

You need to find a house that fits several criteria in order to make a healthy profit at flipping. Some of the things you need to take into consideration include:

Is the neighborhood a growing or improving one that buyers will be interested in?

Are the improvements or repairs needed ones that you can do within a reasonable budget?

Can you pay for the needed repairs/improvements and still net a good profit?

Is the area one that will appeal to a wide range of buyers?

Are there any problems that just aren't fixable (bad location, a foundation that is sinking and can't be shored, etc.)?

How many other houses are for sale in the immediate area (too many, and the market glut will drive the price of your house down no matter how nice it is)?

Locating a home that fits your budget and criteria means research, and lots of it. Many people who have flipped successfully say the best way is to simply drive around mid-range neighborhoods and look for the slightly run-down homes with solid bones that have been on the market a bit too long. The owners are usually anxious to sell, and the most buyers avoid fixer-uppers, so you can negotiate from a firm position. Also check out Sheriff's Sales, banks that handle foreclosures and online auctions.

Of course, even after you purchase the property you have

it very easily, but it's not that simple. Complications almost always come up, and you have to be very aware of the area, what the market will bear and which improvements are worth the investment to flip a house successfully.

You need to find a house that fits several criteria in order to make a healthy profit at flipping. Some of the things you need to take into consideration include:

Is the neighborhood a growing or improving one that buyers will be interested in?

Are the improvements or repairs needed ones that you can do within a reasonable budget?

Can you pay for the needed repairs/improvements and still net a good profit?

Is the area one that will appeal to a wide range of buyers?

Are there any problems that just aren't fixable (bad location, a foundation that is sinking and can't be shored, etc.)?

How many other houses are for sale in the immediate area (too many, and the market glut will drive the price of your house down no matter how nice it is)?

Locating a home that fits your budget and criteria means research, and lots of it. Many people who have flipped successfully say the best way is to simply drive around mid-range neighborhoods and look for the slightly run-down homes with solid bones that have been on the market a bit too long. The owners are usually anxious to sell, and the most buyers avoid fixer-uppers, so you can negotiate from a firm position. Also check out Sheriff's Sales, banks that handle foreclosures and online auctions.

Of course, even after you purchase the property you have

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Is the neighborhood a growing or improving one that buyers will be interested in?

Are the improvements or repairs needed ones that you can do within a reasonable budget?

Can you pay for the needed repairs/improvements and still net a good profit?

Is the area one that will appeal to a wide range of buyers?

Are there any problems that just aren't fixable (bad location, a foundation that is sinking and can't be shored, etc.)?

How many other houses are for sale in the immediate area (too many, and the market glut will drive the price of your house down no matter how nice it is)?

Locating a home that fits your budget and criteria means research, and lots of it. Many people who have flipped successfully say the best way is to simply drive around mid-range neighborhoods and look for the slightly run-down homes with solid bones that have been on the market a bit too long. The owners are usually anxious to sell, and the most buyers avoid fixer-uppers, so you can negotiate from a firm position. Also check out Sheriff's Sales, banks that handle foreclosures and online auctions.

Of course, even after you purchase the property you have

n, a foundation that is sinking and can't be shored, etc.)?

How many other houses are for sale in the immediate area (too many, and the market glut will drive the price of your house down no matter how nice it is)?

Locating a home that fits your budget and criteria means research, and lots of it. Many people who have flipped successfully say the best way is to simply drive around mid-range neighborhoods and look for the slightly run-down homes with solid bones that have been on the market a bit too long. The owners are usually anxious to sell, and the most buyers avoid fixer-uppers, so you can negotiate from a firm position. Also check out Sheriff's Sales, banks that handle foreclosures and online auctions.

Of course, even after you purchase the property you have

id-range neighborhoods and look for the slightly run-down homes with solid bones that have been on the market a bit too long. The owners are usually anxious to sell, and the most buyers avoid fixer-uppers, so you can negotiate from a firm position. Also check out Sheriff's Sales, banks that handle foreclosures and online auctions.

Of course, even after you purchase the property you have plenty of work to do. Be sure you set up a budget in advance and resolve to stick to it when doing repairs and remodeling. Remember, the goal isn't to turn this into your dream home, but a solid, saleable property that will net the highest possible profit for you. Have a complete home inspection and get bids for any repairs that you can't handle yourself, such as upgrading wiring or dealing with dry rot. Next, determine what jobs you can do yourself or with the help of friends to save money. Finally, shop around for the best price on materials and haggle whenever you order more than one thing (say, tile and cabinets) from one supplier.

One of the most common mistakes a novice at house flipping makes is choosing top of the line everything, thinking that this is what will sell the house. Quality is always a good selling point, but only within reason. There is a bell curve to this - after a certain point, you start to lose money if you've purchased luxurious upgrades that aren't necessary. For instance, if you're remodeling a house in a mid-salary neighborhood with primarily starter homes for young families, buying granite countertops and solid cherry bathroom cabinets will mean you will end up pricing the real estate too high for the market to bear in order to get your investment back. Instead, consider attractive, durable laminate countertops and oak or pine cabinets.

On the other hand, if the home you are flipping is in an exclusive neighborhood where most other homes have the best of everything, those granite countertops may be a must-have