Читать книгу Flipping Houses For Dummies - Ralph R. Roberts - Страница 47

Throughout this book, I provide tips, tricks, and warnings to enable you to maximize your profit and minimize your risks, but that doesn’t guarantee a successful flip every time. Flips sometimes flop, even for experienced investors. The following tips can help you avoid some of the more serious situations and recover your composure when something goes wrong:

 If your flip flops because of a dip in the housing market, skip to Chapter 20 to explore other ways to profit from your investment.

 As soon as you see that a property is a money pit, cut your losses. Don’t throw good money after bad. You may need to sell the house now at a small loss instead of later at a bigger loss. On the other hand, you can go to plan C and rent out the property for 12 to 36 months until the market perks back up and you can comfortably sell the home at or above cost.

 Keep in touch with your team, especially your financial backers and agent. Communication is paramount, especially when times are bad. Good team members can help you out of a jam and help you recover.

Don’t give up just because a single flip doesn’t turn out as well as you had expected. Failure is an excellent educator, and if you can work through it, it can be a true confidence builder. Flip three or four houses before throwing in the towel. Your plan, however, must include an exit strategy for all contingencies; otherwise, your flop will take you by total surprise and you won’t know what to do.