6 Steps To Flipping Apartment Buildings
There’s a lot of talk about flipping single family houses, but what about flipping apartment buildings?
First things first….when it comes to flipping apartment buildings you have to realize that doing so is not a passive income stream. Because once you flip the apartment building you are done with it, it’s not going to bring you in any income….you’ll have to get more apartment buildings and flip them as well.
So, holding apartment buildings for rental income is passive income but flipping apartment buildings is not. Make sense?
Is flipping apartment buildings something that is possible, though? Of course it is.
And the process is the same as flipping single family properties.
1) Get together a list of investors that buy apartment buildings in the area where you will be flipping apartment buildings.
2) Reach out to them to find out what their criteria is for apartment buildings they are interested in owning.
3) Go out and find those types of apartment buildings.
4) Get them under contract for less money than the current value OR you can get them under contract for the value of the property as long as there are things that can be done to the property to increase it’s value (under market rents, deferred maintenance, etc.)
5) Reach out to your investors in step #1 when their criteria in step #2 meet what you have available with your apartment building under contract.
6) Now….flip your contract to this investor. By the way, when flipping apartment buildings you can do so with a contract or option.
And that’s the gist of flipping apartment buildings. Now, even though flipping apartment buildings isn’t passive income it can be an awesome way to build up cash so that you can then invest that cash into passive income streams like owning apartment buildings or owning ATMs, etc.
If you’d like to get more information on flipping apartment buildings there is a great training program out there from my friend Susan Lassiter-Lyons called Master Lease Options. It’s top notch material and you can use it to hold apartment buildings or to begin flipping apartment buildings. Check it out and let me know what you think about flipping apartment buildings or if you’ve ever actually flipped apartment buildings before.