Are you having a tough time flipping your property? During this time of correction, we may have to change our strategy a little. As outlined in our previous discussion, one of the ways we make money in the real estate business is to buy at one price point and sell the property at a higher price point. Pretty simple, right? However, today’s market is not conducive to finding motivated buyers. So, what do we do?
Another way to make money is to rent the property to motivated renters. This way, we get our loans covered and potentially have cashflow while the property appreciates. Be careful to thoroughly screen applicants as 1 bad renter can really ruin a business. I recommend surfing sites like Kijiji and Craigslist for individuals posting requests for rentals. These people are already prequalified as you can search for renters in certain price brackets. No surprises there. And ALWAYS make sure you do background and credit checks!!!
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