I call this the television flip. It is fast paced, exciting, attracts a lot of cheerleaders, and results in huge profits. Remember though, most of television is about entertainment, not education. At least one house-flipping show has suffered widespread criticism when people learned that many of its segments were staged.
Do not get me wrong, the television flip opportunity exists, but you are not going to find seven pieces of property you can do this with during your first week in the business. Most beginners should stick to one of the other strategies listed previously, but they should still be ready to act if they find a house that seems right for a television flip.
The person who is an ideal candidate for the big investment of time that is necessary to hunt for, find, and successfully complete a television flip is someone who can spend more than forty hours a week on the venture, is very organized, and who can afford the inevitable delays that come with a big project. You will have to look at, and reject, a lot of houses before finding the right one. Organizational skills are important to help you sift through all that information and to manage the thousand details of a big renovation project. Finally, every large project has surprises, every surprise means some sort of a delay, and delays cost money. You must have the staying power to continue making mortgage payments two or three months longer than you may have intended and to pay for things not anticipated in your original budget.