There are different definitions that people talk about for flipping. Some discuss it as actually getting a loan for a property, then quickly renovating it to resell it. This is an option you can implement but there are also more financial risks that can be a concern, particularly in flat or stagnant markets.
While we mention flipping, we are talking about securing houses cost effectively and then assigning (or flipping) them to another buyer for a speedy profit. When we refer to Wholesaling real estate, we are basically referring to finding homes cost effectively and assigning them cost effectively to another person or rehabber; thus the term wholesale. For more explanation on lingo, when you flip a home to another rehabber, this just means you are providing the right to them to purchase the home directly from the property owner.
After you get a house under contract, you will have control. Then you can assign it to another person at full price or for a flat fee so they can purchase it. They take your place in the contract, then take ownership of the property, handle renovating it and either keep it or sell it to someone else for a higher price.
Wholesaling houses is a great no risk strategy to create quick cash using little or no credit or other lending techniques. Since you have neither of these limitations you can also do as a many as you want making flipping houses a good cash flow strategy especially once you have a dependable revenue model working for your team!
