Contributed by Ramlee Hasan, our principal based out of the beautiful island of Penang, Malaysia.
Flipping properties is a very hot business nowadays. However, if you want to make a lot of profit as soon as possible, you could fail in this department if you don’t follow the most basic tips associated with it.
I am writing this from the perspective of a Malaysian wanting to invest in properties in Florida. I was a real estate broker in Miami for six months back in 1986
All of the house flippers who succeed in this field do so because they understand the trends of the industry as a whole. In other words, they know how to act and react to the different movements of the market as needed. They also know exactly which deals to accept and which ones to avoid, which properties can be fixed and which ones are overvalued. Most importantly, they know that properties should only be looked at from a business standpoint rather than a personal one. This is especially true when you look at the state of Malaysian properties in 2013 where areas like Bangsar and Kuala Lumpur City Centre (KLCC). Developers like Mah Sing are also going all out and reaping all the benefits from the booming economy!
If you want to make a lot of profit in the real estate market, then you should follow these simple and practical tips to ensure that you truly succeed:
- Educate yourself.
If you want to succeed at flipping properties, then you have to learn as much as possible about it and about real estate, in general. To do this, just read books, watch videos, and ask professionals for tips in the matter. Remember: you won’t be able to make any profit if you don’t know much about home flipping or real estate to begin with.
Research properties online using websites like i-property.com or MetroSherpa.com which provides good information on properties that are available for sale or rent in Malaysia. If you are looking for properties in a specific area, then see if there are dedicated websites for that particular area. For example, http://klcccondominiums.com.my is a good resource on KLCC condos and apartments with good and bad reviews of each development. It’s pretty useful!
- Get a Mentor.
Educating yourself and getting a mentor practically go hand-in-hand. Try to find somebody who has firsthand experience in profitable and successful house flipping, and then build a strategic and effective working relationship with them. By doing so, you can learn more about the industry as a whole and in a way you never would have thought possible. Here’s a good article on finding a mentor in real estate – click here.
- Look around.
Naturally, the best way to learn about flipping properties, though, would be to actually try it out. By exposing yourself to the actual process of flipping houses, you can learn what really works and doesn’t, as well as see how things work overall. Once you understand the process, you can then increase your overall chances of making more money. If things work out well with your mentor, you might even want to consider a partnership with him later on. A lot of success stories of real estate moguls in Malaysia (Lim Goh Tong of Genting and Liew Kee Sin of SP Setia for example) hinges on the importance of getting mentors in the context of Malaysia property investment.
Reapplying The Techniques To Malaysia Real Estate
Overall, house flipping in Malaysia will definitely require time, patience, money and skills if you want to succeed with it in the end. If you are just a beginner in the field, then you might want to start with a single property before moving up the ladder. The more you learn about the process and the more patient you become, the more benefits you will then reap in the end.
In today’s economy, it would be vital to find a stable means of controlling your finances for the future. Since life changes on a daily basis, though, it would therefore be vital for you to think about the different steps you can take to really take control of your financial stability. With the aforementioned tips on property flipping, you should eventually get the means to build a financially secure future for you and your family in no time.
If you need more tips on real estate investment in Malaysia (or in Florida), email me at email@example.com or firstname.lastname@example.org and I will be able to give you advice on a nominal fee.