One of the keys to success in flipping houses is buying right. As one adage goes, “You make money when you buy, not when you sell.” The point being that if you pay too much for a home to begin with, it’s that much harder to profit on the sale.
Most of the time when a good deal comes on the market, you’re going to have competitors trying to buy it as well. All other things being equal, whoever offers to pay the most wins.
But all other things are not always equal. One of the competitors may be a professional real estate investor with a track record of closing purchases on time within two or three weeks of opening escrow.
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