Land Lording or Flipping?
One of the biggest questions that investors in real estate have is whether to be a landlord or to renovate and flip their properties. Both have some real advantages that should be carefully considered before a decision is made. Television has made flipping homes incredibly popular. You can turn on the TV at any time of the day and usually find a show that is dedicated to flipping homes or the stories of the people who have done it. Unfortunately there aren't really too many shows called "Landlord." Although it could be an interesting idea...
Let's take a look at flipping homes first. Right off the bat, if you are the kind of person that likes fast results then this is likely the best option for you. Flipping homes can bring in a great profit in a small amount of time if done properly. Remember that there is going to be some expense in getting the house into your ideal selling condition so plan ahead and make sure you have the capital available. Also, plan the time that you going to sell the home. It will be more difficult to do renovations in the winter months so spring and summer is the ideal time for this.
Being a landlord can be a bit of a challenge, but if you have the mind for it; it can be a great source of both income and equity. Make sure when you are planning this endeavor that you allow sufficient time for finding good and reliable tenants and after this is complete, the time to attend to anything that needs fixing or repairing in the home. Also make sure that you are able to deal with the possibility of bad tenants. Are you going to be able to make those decisions that are sometimes necessary? If not you may want to consider flipping the property. Eventually the odds are that a landlord will have to make a decision that's not too popular. But this can usually be avoided if you are stringent about screening your potential tenants. It all comes down to planning, which is essential in any vein of investment. So set a plan and stick to it. Profit awaits!
Richard Soto is the president of VIP Realty, the premier firm in Dallas real estate. Contact us for more information or visit our website at www.viprealtyinfo.com
Related Tags: real estate investments, land lord advice, flipping your investment
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