Before you invest in a Real Estate Investment or “Flipping” Seminar, do your homework. Make sure you understand what you are getting into with this type of program. This business model is more complex than it appears; there is no legitimate way to “get rich quick”. Typically, during the initial free seminar, attendees will be urged to purchase highly priced books, CDs and DVDs, and to attend a costly second or third seminar in order to further their education and actually learn how to make a profit.
Here’s what you need to consider before attending a seminar on this topic and before investing in any alleged money-making program.
- How much will the seminar really cost you? While the initial seminar is free, additional seminars and training materials can cost thousands of dollars.
- Watch out for high-pressure sales tactics. Take the time to carefully research the opportunity carefully and don’t sign a contract until you fully understand all of the terms.
- Get everything in writing. Check out the refund policy and be sure to get all promises in writing. Just like buying a home, when it comes to flipping workshops, it’s buyer beware.
- Many inexpensive homes on the market have been empty for long periods of time or may have been vandalized, which will make for costly repairs and will make it difficult to sell quickly.
- Research the tax and repair history of a home before purchasing it. Use a home inspector if necessary. If you purchase a home with violations, you could face fines or criminal penalties for failing to fix them. In some cases you may have to be licensed to sell real estate. Its best to work with a reputable real estate broker.
- Stick to a budget. Be sure to budget for the appraisal, filing fees, insurance, taxes and maintenance of the house until it is sold.