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Secrets About House Flipping

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Is 2021 the year you’re going to buy a real estate investment property? If you have your sights set on flipping a house for a big profit, you likely know how much work is involved. Sure, popular real estate reality shows like “Flip or Flop” and “Flipping Across America” make fix-and-flip investing look like a feasible endeavor, but you’re wise to the magic of TV, right?

The truth is that flipping a house is rife with challenges, from financial setbacks to breakdowns in communication with your construction crew. Plus, low interest rates mean properties are flying off the market, especially in up-and-coming neighborhoods.

So how can house-flipping newbies compete today? By learning from those with more experience. We spoke to successful home flippers about what they wish they had known when starting out. Hopefully their tips below will help you minimize pain and maximize profits.

1. Stick to your maximum allowable offer

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Second Home vs. Investment Property: What’s the Difference?

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You hear these terms thrown around all the time: Second home, investment property, vacation home, rental property. But is there any real difference among them? And does it even matter what you call it?

As it turns out, there are some very big differences between second homes and investment properties, especially if you are financing it.

“Both are fantastic ways to build wealth over time by capturing the appreciation of a real asset,” says Tony Julianelle, CEO of Atlas Real Estate in Denver. However, “both come with inherent risks and expenses that should be carefully considered when making a purchase.”

As with any real estate transaction, you’ll want to do your homework and make a smart choice for your wallet, no matter which path you go down. We chatted with experts to get the scoop.

What is a second home?

Read more: Second Home vs. Investment Property: What’s the Difference?

7 Things You Can Negotiate When Buying a Home—Beyond the Asking Price

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Whether you're buying your first home or your 11th, there's one thing we all think about when it comes time to negotiate the deal: wiggling that pesky price down as much as possible.

Of course, price is important when you’re buying a home. But it’s not the only negotiable part of the sale—there are plenty of other ways to haggle aside from list price.

But even in a seller’s market, there are myriad opportunities to negotiate, from requesting home repairs to offering a speedy closing.

“Tailoring your offer to meet the holistic needs of the seller is usually the best strategy getting your offer accepted,” says Ryan Dibble, chief operating officer of real estate startup Flyhomes. “Sometimes that is all about price, but sometimes it isn’t.”

So, what all can you negotiate? We talked with the experts to learn about some of the items worth haggling on on when purchasing your next home.

1. Repairs

Read more: 7 Things You Can Negotiate When Buying a Home—Beyond the Asking Price

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