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In the following sections, I reveal house flipping strategies that many flippers practice with varying levels of success.
Buy into a hot market
In a sizzling real estate market, you can turn a profit fairly quickly by buying a house, moving in, and then sitting back and watching the real estate values soar. This approach works only if you have time on your hands, are speculative by nature, and have a knack for purchasing houses in a hot market at just the right time. This strategy offers several benefits:
If the market remains strong, your property value rises and you don’t have to lift a finger.
Your equity in the property rises, boosting your borrowing power for other investments.
When you live in the home for two years or more, up to $250,000 of your profit ($500,000 for a couple filing jointly) may be tax free, at least according to the tax laws in place when I was writing this book. See ssss1 for more tax-saving tips.
Soaring property values often create a housing bubble, which can burst, leaving you with a home that’s worth less than the amount you paid for it.