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How to Flip a House & Make a Profit

Brandon Turner is an active real estate investor, entrepreneur, writer, and podcaster. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments.

Experience Brandon began buying rental properties and flipping houses at the age of 21. He started with a single family home, where he rented out the bedrooms, but quickly moved on to a duplex, where he lived in half and rented out the other half.

From there, Brandon began buying both single family and multifamily rental properties, as well as fix and flipping single family homes in Washington state. Later, he expanded to larger apartments and mobile home parks across the country.

Today, Brandon is the managing member at Open Door Capital , where he raises money to purchase and turn around large mobile home parks and apartment complexes. He owns nearly 300 units across four states.

In addition to real estate investing experience, Brandon is also a best-selling author, having published four full-length non-fiction books, two e-books, and two personal development daily success journals. He has sold more than 400,000 books worldwide. His top-selling title, The Book on Rental Property Investing , is consistently ranked in the top 50 of all business books in the world on Amazon.com, having also garnered nearly 700 five-star reviews on the Amazon platform.

In addition to books, Brandon also publishes regular audio and video content that reaches millions each year. His videos on YouTube have been watched cumulatively more than 10,000,000 times, and the podcast he hosts weekly, the BiggerPockets Podcast , is the top-ranked real estate podcast in the world, with more than 75,000,000 downloads over 350 unique episodes. The show also has over 10,000 five-star reviews in iTunes and is consistently in the top 10 of all business podcasts on iTunes.

A life-long adventurer, Brandon (along with Heather and daughter Rosie and son Wilder) spends his time surfing, snorkeling, hiking, and swimming in the ocean near his home in Maui, Hawaii.

Press Brandon’s writing has been featured on Forbes.com , Entrepreneur.com , FoxNews.com, Money Magazine, and numerous other publications across the web and in print media.

Follow YouTube Instagram @beardybrandon Open Door Capital

In this guide

I have an extraordinary hatred for puzzles. You know the kind—where you open the box and 1,000 little pieces stare up at you with hatred.

Why? Where do I even start? The corners? Why is this piece purple? Is it the same shade of purple as this piece? Does this piece look “dirty” to you? Luckily, there’s one simple task that makes puzzling so much easier: looking at the box. If you’re like me, you probably prop up the box so you can see the whole picture while you work.

You might be wondering why I’m talking about puzzles in a guide to flipping houses. Here’s why: Flipping houses is like a puzzle. You need to see the whole picture. After-repair value (ARV), staging, hard money lenders, contractors, they’re all pieces to the house-flipping puzzle—very important ones.

But for novice flippers, these little nuggets of information look just like the 1,000 tiny puzzle pieces covering your kitchen table.

I don’t want you to hate flipping houses the way I hate puzzles.

This guide is your box cover—the whole picture explaining what the puzzle actually looks like. Once you’ve absorbed this information, you can start fiddling with the pieces.

Below are 30 steps—one for each day of the month. No, I don’t expect you to flip a house in 30 days (it takes much longer!) but if you study just one of these steps each day for a month, you’ll be an expert by the time the calendar flips.

Step 1: Commit to the flip

Like marriage, the first step in your real estate adventure is commitment. It’s easy to get excited about house flipping or landlording—but can you actually commit to going the distance? House flipping isn’t a hobby. It’s a business that can dramatically your financial future, positively and negatively. Don’t go into this thing willy-nilly.

Decide you are going to do this. You’re 100% committed to learning everything you need to learn to get there. Then—and only then—should you move on to step two.

Steps 2–4: Educate yourself

Don’t dive into the flipping game without doing some background research first. Here’s what you need to know.

2. Educate yourself on flipping houses

Education is a lifelong pursuit—but spend some extra time learning before jumping into a house flip. Don’t pay $50,000 for some kind of guru training camp. But you should take your education seriously and buckle down to learn the basics.

Start with The Book on Flipping Houses written by J. Scott. If you’re planning on flipping houses and haven’t read this book through at least once carefully—and taken notes!—you’re not doing enough. If you’ve already read it, go back and read it again.

Next, start to teach your spouse (or kids, mom, dad, dog, cat, hamster) what you’ve learned. Teaching is the best way to truly internalize knowledge. Don’t just review the surface details. Get deep, so you can truly understand how this stuff all works. You don’t need to know absolutely everything, but get really good at the basics.

One last word of caution: Don’t get caught in this cycle for too long. You’ll never know everything, so dive into the education for a short while, learn all you can, and then move on.

3. Learn the flipping math

Without the right math going into a flip, you’ll never get the right money coming out of it. Understanding the math is the number one most important trait in a successful flip, because the math determines how much you should pay, how much work to put into the property, and how much you expect to get out.

Start with the BiggerPockets House Flipping Calculator . Play with the numbers and you’ll find out how much you’ll really make on a hypothetical flip.

Do the numbers by hand, too, to ensure you understand the math behind the calculators. If you’re struggling with the numbers, ask for help in the Deal Analysis forum here on BiggerPockets . There are thousands of investors there waiting to help.

Don’t move on until you understand the math.

4. Market research

Next, take a look at the market and decide where the best place to flip will be. In some areas, $200,000 for a home would be absurdly cheap. In other places, $200,000 would be absurdly expensive. Every market is different, so you need to have a good handle on the market you plan to flip in. Ask yourself these questions.

• How much are average homes selling for?
• How much are bank REOs selling for?
• How fast are properties selling?
• What areas seem to be selling the fastest?
• What property types, sizes, and layouts seem to be selling the fastest?

Do a thorough job of understanding your local market. Walk through as many open houses as you can and meet with local experts to discuss the state of the local economy.

Then, cycle back to the math and see if flipping makes sense in that area.

Steps 5–6: Find your partners

You can’t flip a house alone. Yes, ambitious investors can do the bulk of the work themselves—but you’ll still need a lender and a real estate agent.

5. Arrange your flip financing

At this point, you’re excited to get started. Don’t put the cart before the horse. First, ask yourself a very basic question: How are you going to pay for this flip?

There are a lot of different strategies you can use to finance your next house flip. Here are a few of the more common methods.

• All cash: If you have the cash in your bank account, you can simply write the check. This is obviously the easiest solution, but impossible for most folks.
• Conventional financing: Some people utilize a normal bank loan to flip houses, but this can be difficult if the house is not in great shape, as most banks won’t lend on unfinished houses.
• Home equity loans: If you have a large amount of equity in your personal home, you may be able to tap into this equity in the form of a home equity loan or line of credit (often called a HELOC). Talk to your credit union or lender to pursue this strategy.
• Hard money loans: A hard money loan is a short-term loan funded by private investors.

You have a lot of different options, but you’ll need to pick one in order to move on. Finalize whatever source you plan on using before shopping for your investment property, so you can quickly jump on it. In today’s hot market, speed is key in getting a great deal.

6. Find a real estate agent

At this point, you understand what makes a good deal good and have financing lined up. You’re ready to rock. However, you don’t need to do it all yourself. There is one team member you definitely need to find: a real estate agent. Why? Because they’re free.

Yep, your seller pays the agent. So why not use one?

Your agent can open doors, write up offers, find comparable sales so you know what properties are really worth, and so much more. Calling the agent who listed the property is a newbie mistake. If you do, you’ll be dealing with the seller’s agent, who has a legal obligation to encourage you to pay the most possible. Do you really want that person helping you? Nope. Find a buyer’s agent.

One caveat here: If you plan to use direct mail to find your first flip—aka sending letters to thousands of individuals, hoping a small percentage will turn into deals—you don’t want an agent. The same applies if you are looking to buy homes FSBO (for sale by owner). Real estate agents are perfect if you plan to buy homes off the multiple listing service (MLS), which is where most homes are listed.

Step 7–10: Find the best deal for you

Before you start seriously searching, it’s good to think critically about what makes a deal right for you. This requires both good analytical skills and some time spent considering what fits in your portfolio—or, if you’re just starting in real estate investing, what you want said portfolio to look like.

7. Define your prospective deal

First, funnel all the possible choices down to specifics. This is when your education and market research come in handy. You want to flip houses that people want to buy—so what kind of homes are they buying, and where? Think about things like:

• What is the most you’ll pay?
• What is the least you’ll pay?
• What is the minimum or maximum number of bedrooms?

Congratulations, that’s enough criteria to start filtering the properties on the market. Sometimes, however, a two-bedroom home could become a three-bedroom, or a one-bath house could become a two-bath, so keep your criteria broad.

Once you’ve made some decisions, let your agent know. They can set you up with automatic emails, which will alert you when suitable properties come on the market.

8. Analyze potential deals

This is an important step in the process, so don’t skip it. It’s time to start doing some deal analysis on real properties.

Investing is a numbers game. Every property has a price that makes it a great deal. Your job is to find that sweet spot.

Let’s say you run the numbers and decide that you could pay $100,000 for a particular house. But it’s listed at $275,000—you can skip that one. However, if it’s been listed at $140,000 for the past four months, maybe the sellers will go down to $100,000. If it’s at $105,000, you probably have an easy deal to put together. (But there may be reasons why the deal’s so easy!)

If you haven’t yet, check out BiggerPockets’ House Flipping Calculator , which will help you quickly plug in numbers to see the potential of any deal.

Before submitting an offer, you need to be extremely confident in your ability to judge a property’s potential. Head over to Zillow or Realtor.com and start pulling numbers for potential properties that look like good options. Do your best to make good assumptions about the rehab costs and other potential expenses. (It’s more important to understand the process of analyzing these deals than to know the exact values right now.) This way, when you get a real potential deal across your desk, you’ll know what to do.

Additionally, get out there and start physically looking at homes. Walk through as many as you can. Ask a lot of questions and learn as much as you can. This will not only help you find the best properties, it will motivate you, too.

Ask for help in the BiggerPockets Deal Analysis Forum if you need some extra assistance.

9. Start driving for dollars

In addition to looking on the MLS, it’s not a bad idea either to get in your car and start driving around, hunting for potential deals.

In the real estate investing industry, we often call this “driving for dollars.” Look for properties that are vacant or need some serious cosmetic help. If you can find the owners through public records, you’ll often find them very willing to sell for a great deal.

10. Find the perfect house

After walking through and analyzing dozens of properties and talking with your agent about your needs, eventually you’ll find the perfect flip. You may find one right away, or it may take months. Don’t worry about how long it takes—focus on finding the best deal possible. You don’t want anxiety to impede your financial future. Be patient and stick to your criteria.

Don’t let emotion take over the deal.

Excitement is inevitable. After all, you’ve put a lot of work into this project and you really want to see everything come together. However, this is no time to toss out everything you’ve learned. Stay calm, stick to your numbers, and get ready for the real excitement to start.

Steps 11–15: Start your deal right

Once you’ve identified a great property for your fix and flip, it’s time to move onto the next step—and often the most anxiety-inducing step. Yep, it’s time to make an offer and get under contract. Here’s how.

11. Make an offer

Typically, in real estate negotiations, the potential buyer will present the seller with a proposal. It includes things like:

• How much the buyer wants to pay
• What financing the buyer will use
• When the deal will close
• Who pays which closing costs
• Important “contingencies” that the deal hinges on, like an inspection

If you found the property through your real estate agent, they’ll help you through this entire process. It’s actually fairly easy. However, if you found the property yourself—such as through word of mouth, driving for dollars, or direct mail—you won’t have the luxury of a real estate agent on your side.

So if this is your first time, you may want to hire an attorney or a real estate agent to look over the paperwork and make sure you aren’t missing out on anything.

12. Deal with contingencies

A “contingency” refers to the parts of a legal offer that are “escape clauses.” In other words, these are things that let you walk away from the deal without losing your earnest money. For example, you might have a contingency that says, “This offer is contingent upon my cat fitting through the cat door”—though I wouldn’t recommend it. Too many contingencies make a seller reluctant to accept your offer, but too few can put you in a difficult place.

So what contingencies should you include? Here are the most common.

• Appraisal contingency: This contingency typically says one of two things. First, if you can’t get an appraisal on the property that is at least as high as the purchase price, you can back out of the deal. Alternatively, you can ask the seller to drop the price—and if they refuse, you can then back out of the deal.
• Inspection contingency: It’s hard to know a property’s true condition by walking through it for a few brief moments. Most buyers want an “inspection contingency” that allows you to hire an inspector to do an in-depth analysis of the condition of the home and (hopefully) uncover any hidden problems.
• Financing contingency: Many real estate contracts include a financing contingency, which means the buyer can back out if they can’t obtain financing. This is the contingency most often waived by real estate investors, because many purchase properties with cash.

Keep in mind that the fewer contingencies you have, the greater chance your offer will be accepted. Many investors choose to avoid contingencies altogether to make their offers stronger. This obviously opens the investor to greater risk, so I only recommend this for experienced investors.

13. Negotiate

After you submit your offer, it’s time to wait.

Usually, the seller will send a counter offer (via your agent, if you have one) that explains what they want from the transaction. You can choose to accept, reject, or send them a counter offer. But the seller can also simply accept your offer and end negotiations, though this is generally not the case.

During negotiations, it’s vital that you stick to your predetermined numbers. Emotions run high during this phase, and you may be tempted to raise your price, making the numbers unworkable. Don’t do this! Stick with what you know will work—and be willing to lose the deal if you can’t reach an agreement.

In the end, one of two scenarios will occur:

• You come to an agreement (known as mutual acceptance).
• You can’t come to an agreement and you go your separate ways.

If you can’t come to an agreement, the deal may not be lost. I’ve bought numerous rental properties that were originally turned down. I once offered $65,000 on a property, and the offer was rejected. Six months later, however, after numerous price drops, I offered $45,000 and it was accepted! So don’t be afraid to wait it out. Stick to your number and maybe later—whether that’s weeks, months, or years—the seller will be more motivated.

14. Send the earnest money

Once both parties agree on a price and terms, you’ll need to pay the earnest money to make it all official.

Some agents prefer you give this money with the offer, but I try to wait until an offer is accepted before handing my money over to someone I don’t know. This is especially important when you make a lot of offers. Regardless of whether you’re working with a real estate agent or directly with a seller, this money is never held by the seller themselves. This money should be kept by a third party—typically the title company or an attorney who will be closing the deal.

15. Pick a title or escrow company or attorney

Next, the paperwork moves over to either a title/escrow company or an attorney, depending on your state. From this point forward, I’ll probably just refer to title companies, but if you are in a state that uses attorneys, they serve the same function.

The title company is responsible for getting the deal closed. They will check the property for liens or other problems with the title, as well as prepare documents and schedule times for everyone to sign the paperwork.

Typically, if you are working with a real estate agent, your agent will suggest their favorite company—or the seller may ask that you use their favorite. If you are working directly with a seller, don’t be afraid to ask a few agents what company they prefer.

Steps 16–20: Prep for the flip

You’re under contract. Hooray! While you wait for the deal to close, it’s time to get your ducks in a row so you can start work immediately once you have your keys.

16. Get an inspection

Once the house is under contract, hire a professional inspector immediately to look through the property. Unless you are a contractor yourself, this is not a place to cut corners. A qualified, licensed home inspector can tell you a lot about the property you are about to buy—including the things you probably wouldn’t notice yourself, such as the condition of the wiring, plumbing, and roof.

I recommend physically being at the property during the inspection—and asking a lot of questions. The information you learn will serve you for years to come as you pursue flipping houses with more efficiency.

A home inspection typically runs between $400 and $600 for a typical single-family home and higher for multifamily properties. Again, this is no place to skimp.

One final note on the inspection: A home inspector’s job is to find problems, so don’t be scared when you get a 20-page list. I’ve never purchased a property that didn’t have at least 50 things needing fixing. No property is perfect. You’re looking for properties that have no major problems, such as a bad roof or foundation, unless you’re already budgeted to fix that problem up.

You also may not want to fix every single thing in the inspection report. The inspector will usually let you know what’s most important and what’s just a good idea. For example, you’ll probably want to fix a roof leak, but you may not want to fix a bent gutter on the back of the home.

After the inspection, you will have one of three choices:

• Accepting the condition and moving on with the sale
• Rejecting the condition and walking away from the deal
• Renegotiating the deal

If everything looks good, you’ll sign a document letting the sellers know you accept the condition. But what if there are serious, game-changing problems?

I would recommend not pursuing step two without considering step three first. For example, let’s say you discovered that the home needs to be totally re-wired. Don’t immediately run. Instead, ask the seller to either fix the problem or credit you the cost of fixing it after closing. After all, now the seller knows about the problem. Legally, they’ll have to disclose the problem to future buyers—so attempt to salvage the deal if possible.

17. Create the scope of work

Make a detailed list of everything that needs to be completed on the project in order to get it ready to sell.

You could complete this step before the offer is accepted, but I usually only create a “light” scope of work. Why waste time on deals that won’t ever happen? Plus, the inspection will provide a detailed list of problems that you can refer to.

If you don’t plan to do the work yourself, work with a qualified contractor to bid out these tasks. You don’t want to buy the property and suddenly realize your to-do list is much more expensive than anticipated. This is the fastest way to lose a lot of money and fail at your house flipping business.

18. Find great contractors

This step could actually be done at any point beforehand—but now is a great time, if you haven’t already hired a contractor. If work is needed and you don’t plan to DIY, it’s time to find some dependable contractors.

We’ve asked dozens of guests on the BiggerPockets Podcast how they find good contractors and, by and large, this seems to be a difficult task for investors. I recommend approaching it like a business by proactively seeking out the best contractors.

The best way to find a good contractor is via a referral from another real estate investor, house flipper, or property manager. Always get multiple bids from different contractors—but don’t assume that cheapest equals best. In my opinion, there are three (loosely defined) types of contractors.

• Low-end contractors: These contractors have a few tools and will do work for you on the side. Typically, they’re not licensed, bonded, or insured—and you’ll have little recourse if they screw up. Stay away from these guys if at all possible, except maybe for simple jobs like mowing lawns and putting up signs.
• Average contractors: These contractors are licensed, bonded, and insured, but typically work for themselves or for smaller companies. They are accustomed to working with real estate investors and property managers, so their rates are reasonable. I use these contractors for the majority of tasks.
• High-end contractors: These contractors build million-dollar homes and renovate shopping malls. They charge $2,000 to paint a bedroom because they have clients who will pay it. I’d recommend only using these guys sparingly on jobs that require high-quality work, like countertops and fireplaces.

Be sure to get all bids in writing—and with details. If the contractor says they will paint the exterior for $2,500, does that include the doors? Does that include pressure washing? Get down to the nitty-gritty and get it all in writing. It will save everyone stress in the future.

You will likely need several different contractors to do different parts of the job. Be sure to coordinate who will do what, when. Also determine how you will pay the contractor.

If estimating rehab costs is not in your list of skills, I’d recommend checking out The Book on Estimating Rehab Costs , which comes free with The Book on Flipping Houses by J. Scott.

19. Finish your due diligence

There are a number of tasks you’ll need to complete during your due diligence period. For example, during this time you will want to:

• Make sure utilities have been paid and there are no outstanding debts.
• Sign various disclosure documents from the title and escrow company.
• Open up a property-specific checking account and order checks.
• Purchase hazard insurance and, if needed, flood insurance.
• Schedule your contractors.

It’s also important to create a schedule for completing the flip. As the person in charge, you must ensure work is getting done quickly—which means planning the flip’s different phases with your contractors to ensure there are no “dead days” where nothing gets done.

20. Close on the property

Finally, all your work is about to pay off. But it’s not the end of the journey—it’s just the beginning!

Your title and escrow company will schedule a time for you to come in and sign paperwork. Depending on your state’s laws and traditions, you may or may not actually sit down with the seller at the closing table. At this time, the money from your lender (or your checking account) will be wired to the title company (or attorney), who in turn is responsible for making sure the correct amount is paid to each party.

Finally, the title company will send the deed to the county to be recorded. Property ownership will officially pass to you!

Steps 21–23: Rehab the property

Congratulations—you are an investment property owner! Now it’s time to get to work.

21. Manage the rehab

Hopefully you organized your rehab schedule during the due diligence period this, so everything should run pretty smoothly. Just kidding: Flipping houses is never easy! But proper prep does make things move along more smoothly. Your contractor should be ready to dive in on day one.

Unless you hire a project manager, your job is to ensure the contractors are doing the work that they’re supposed to when it’s supposed to be done. Contractors are notorious for taking significantly longer than they originally said—and without pressure from you, they’ll take even longer.

22. Manage the financials

You’ll also need to ensure bills are being paid, including the utilities, contractors, and supplies. Keeping a close eye on the bills ensures you stay on budget. But keep in mind that budgeting can be one of the most frustrating parts of house flipping—especially if you’re not prepared.

Go overboard on organization. There may be hundreds of receipts, bids, and documents floating around, but take a few moments every single day to organize them and enter them into a spreadsheet so you can keep track of your spending.

23. Make your final punch list

Once all the contractors finish, I create a final “punch list” of things that they forget.

No matter how good the contractor is, they will miss some small details. It’s your job to go in, create a punch list, and get those things knocked out as quickly as possible. And don’t pay the contractor until this is all done!

Learn more on BiggerPockets:

• 7 Ways TV Flipping Shows Are Completely Fake (As Any REAL Investor Knows!)

Steps 24–30: Sell the property

Thanks to your hard work and dedication—and, let’s be honest, money—the in-need-of-rehab property you purchased is now ready to go back on the market. Here’s how to get the most money from your flip.

24. Consider staging

Staging is the practice of placing furniture, wall art, knickknacks, and other objects throughout the home to make it look more lived-in. Although it may seem counterintuitive, most real estate experts agree that staged homes sell faster and for more money.

You can hire professional staging companies to fill your flip with furniture and more. You can also save money by heading to your local furniture rental company—the rent-to-own ones—and having them stage the home for you for several months.

If you have a tight budget, consider just installing cheap curtains and picking up inexpensive house plants. Small changes can do wonders.

25. List the home on the MLS

Finally, the property is finished—and it looks fantastic. It’s time to list the home for sale. Although you could list it “for sale by owner,” most investors list with a real estate agent, who can place it on the MLS for maximum exposure.

You will sign an agreement with a listing agent that spells out things like the sale price, the commission, and how long the listing agreement will last.

Before actually listing the home, your agent will look at comparable properties in the neighborhood that have recently sold and come up with a great listing price. Although you looked at the comps when you started the whole process, the real estate market may have changed. Make sure you reevaluate your pricing strategy to ensure you’re being competitive.

26. Have your agent keep tabs on the property

While the home is on the market, there aren’t a ton of things you personally can do besides maintaining the home and answering your agent’s questions when they come up.

However, your agent can do quite a bit—so make sure they are! Ask for weekly reports (or better yet, have a phone conversation about the progress at least once per week) and make sure your agent is keeping your property a priority.

27. Get an offer (but don’t celebrate yet)

It may feel like time to break out the Champagne, but keep that cork closed.

In my experience, 50% of offers don’t turn into sales. Don’t count your chickens before they hatch.

Instead, look at the offer for what it is: a business proposal. How does it look, financially? Are they offering enough—or is it a low-ball? What about contingencies? Are the buyers pre-approved for a loan? Do they appear to be serious?

Review the offer with a (figurative) magnifying glass and talk about it with your spouse, your agent, and your investing partner.

28. Negotiate a fair price

Chances are you won’t simply accept the offer as presented—though there is no rule that says you can’t, if it’s a great offer. Instead, you’ll probably want to “counter” the offer with one suits your strategy better. Most real estate buyers and sellers expect a little back-and-forth, so don’t be afraid to counter with a slightly higher number. Most buyers won’t run for the hills.

The paperwork may go back and forth a few times, and in the end you’ll either have a signed deal, or the agreement will fail and you’ll both go your own ways. Hopefully, however, you find success and can move on.

29. Allow a due diligence period

Just as you did your due diligence, now your buyer will do the same. They’ll probably hire a professional inspector to walk through the property and find every problem they can.

I’ll offer the same advice here as I did earlier: An inspector’s job is to find every problem. Even after a complete rehab, the buyer will likely get back several pages of problems. The buyer may ask you to fix a lot of those problems, and the choice is yours as to whether or not you will. If you don’t, they may walk away from the deal. Consider each repair carefully and do what you can to keep the deal together.

During this process, the buyer will also be finalizing their financing and doing the necessary steps needed to buy the home.

You will likely communicate several times with the title company or attorney concerning topics like loan payoff amounts. Be as prompt as possible in returning phone calls to ensure the sale goes as smoothly as possible.

30. Close on the sale, pay taxes, and move on

On the day of closing—or several days before—you will sit down at a big table and sign the closing documents at the title company. Inspect this paperwork carefully for mistakes. If you find any errors, immediately address them with the closing agent.

The title company will handle all the payments, accepting the incoming funds from the buyer and paying off the loans that you have on the property. They’ll give you a cashier’s check (or a bank wire) for the difference.

One final note: These funds are not all yours to keep. Instead, any profit needs to be shared with the government when tax time comes. House flipping is generally considered “active” income and therefore taxed at the highest levels. However, good tax planning can help avoid a good portion of the taxes due—so be sure to seek out a qualified tax professional before selling your flip.

Finally, take your profit and sink it into the next flip. Or, use it as cash infusion to buy rental properties or real estate notes. House flipping can be a lot of fun, but it is active income, so continue to build up your passive income at the same time to create real wealth.

There you have it: 30 steps for completing the perfect house flip!

If you’re serious about flipping houses, don’t rely on this blog post alone. Dive into the educational world of house flipping by checking out The Book on Flipping Houses by J. Scott.

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Assignment contract

I am from CT and have my first wholesale deal under contract.  I am marketing the property with a 5k assignment fee.  I can't find an assignment contract on BP- should I just write up my own on an addendum form?  I am an Agent and used a regular purchase and sale with the Seller-just wondering how my assignment contract should look.  Any tips would be appreciated.  

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How to Draft an Assignment of Contract

Last Updated: January 23, 2022

This article was co-authored by Clinton M. Sandvick, JD, PhD . Clinton M. Sandvick worked as a civil litigator in California for over 7 years. He received his JD from the University of Wisconsin-Madison in 1998 and his PhD in American History from the University of Oregon in 2013. This article has been viewed 5,316 times.

A contract is an agreement between at least two parties—A and B. However, one party might want to transfer the contract to someone else. For example, B might want to assign its rights and obligations to C. Sometimes, a contract prohibits assignment, in which case B can’t assign the contract to anyone. In other contracts, the other party to the original contract (here Party A) must also agree to the assignment from B to C. If the contract allows assignment, then an assignment can take place once a proper assignment agreement has been created.

Starting the Assignment Agreement

• If you are printing the agreement on letterhead, make sure to leave enough room at the top.

• Sample language could read, “This Assignment (‘Assignment’), dated as of [insert date] (‘Effective Date’), is made between [insert your name] (‘Assignor’) and [insert the name of the assignee] (‘Assignee’).” [1] X Research source

• Sample recitals could read, “Whereas, Assignor entered into the following Contract with [the name of the party you contracted with, called the ‘obligor’] on [insert date of the contract] (‘Contract’); and whereas Assignor wishes to assign all of its rights and obligations under the Contract to Assignee. Now, therefore, Assignor and Assignee agree as follows.”

Granting the Assignment

• A sample grant could read: “Assignor and Assignee hereby agree that the Assignor shall assign all its title, right, and interest, and delegate all its obligations, responsibilities, and duties, in and to the Contract to Assignee.”

• “Assignee hereby accepts the assignment of all of Assignor’s obligations, responsibilities, and duties under the Contract and all of Assignor’s right, title, and interest in and to the Contract.”

• A sample modification provision could read: “This Agreement may only be modified if the modification is made in writing and executed by both Assignor and Assignee. No verbal agreement is allowed.”

• The assignor could agree to indemnify the obligor: “Assignor agrees to defend and indemnify [insert name of the obligor] from any and all claims, judgments, actions, proceedings, liabilities, and costs, including reasonable attorneys’ fees and other costs of defense and damages, resulting from Assignor’s performance prior to the assignment of the Contract and resulting from Assignee’s performance after the assignment of the Contract. However, after the assignment of the Contract, [insert name of the obligor] shall first look to Assignee to satisfy all claims, actions, judgments, proceedings, liabilities, and costs, including reasonable attorneys’ fees and other costs of defense and damages resulting from Assignee’s performance.”
• The assignee should also agree to indemnify the obligor: “Assignee agrees to indemnify the [insert name of obligor] from any and all claims, judgments, actions, proceedings, liabilities, and costs, including reasonable attorneys’ fees and other costs of defense and damages, resulting from Assignee’s performance after the assignment of the Contract.”

Finalizing the Agreement

• You could write, “This Assignment shall be construed and interpreted, and the rights of the parties determined by, the laws of the State of Maine (without regard to the conflicts of law principles thereof or any other jurisdiction).” [2] X Research source

• A sample clause could read, “If any part of this Agreement is declared invalid or unenforceable, the remainder of the Agreement shall continue to be valid and enforceable.” [3] X Research source

• Just above the signature line, insert: “In witness whereof, the parties have caused this Assignment to be duly executed as of the date first written above.” [4] X Research source

• If you don’t have an attorney, then you should contact your local or state bar association and ask for a referral.
• When scheduling the consultation, ask how much the attorney charges.

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• ↑ http://contracts.onecle.com/annies/baking-assignment-2014-03-20.shtml
• ↑ http://www.contractstandards.com/clauses/severability

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Assignment of Contract

Jump to section, what is an assignment of contract.

An assignment of contract is a legal term that describes the process that occurs when the original party (assignor) transfers their rights and obligations under their contract to a third party (assignee). When an assignment of contract happens, the original party is relieved of their contractual duties, and their role is replaced by the approved incoming party.

How Does Assignment of Contract Work?

An assignment of contract is simpler than you might think.

The process starts with an existing contract party who wishes to transfer their contractual obligations to a new party.

When this occurs, the existing contract party must first confirm that an assignment of contract is permissible under the legally binding agreement . Some contracts prohibit assignments of contract altogether, and some require the other parties of the agreement to agree to the transfer. However, the general rule is that contracts are freely assignable unless there is an explicit provision that says otherwise.

In other cases, some contracts allow an assignment of contract without any formal notification to other contract parties. If this is the case, once the existing contract party decides to reassign his duties, he must create a “Letter of Assignment ” to notify any other contract signers of the change.

The Letter of Assignment must include details about who is to take over the contractual obligations of the exiting party and when the transfer will take place. If the assignment is valid, the assignor is not required to obtain the consent or signature of the other parties to the original contract for the valid assignment to take place.

Check out this article to learn more about how assigning a contract works.

Contract Assignment Examples

Contract assignments are great tools for contract parties to use when they wish to transfer their commitments to a third party. Here are some examples of contract assignments to help you better understand them:

Anna signs a contract with a local trash company that entitles her to have her trash picked up twice a week. A year later, the trash company transferred her contract to a new trash service provider. This contract assignment effectively makes Anna’s contract now with the new service provider.

Hasina enters a contract with a national phone company for cell phone service. The company goes into bankruptcy and needs to close its doors but decides to transfer all current contracts to another provider who agrees to honor the same rates and level of service. The contract assignment is completed, and Hasina now has a contract with the new phone company as a result.

Here is an article where you can find out more about contract assignments.

Benjamin W.

Assignment of contract in real estate.

Assignment of contract is also used in real estate to make money without going the well-known routes of buying and flipping houses. When real estate LLC investors use an assignment of contract, they can make money off properties without ever actually buying them by instead opting to transfer real estate contracts .

This process is called real estate wholesaling.

Real Estate Wholesaling

Real estate wholesaling consists of locating deals on houses that you don’t plan to buy but instead plan to enter a contract to reassign the house to another buyer and pocket the profit.

The process is simple: real estate wholesalers negotiate purchase contracts with sellers. Then, they present these contracts to buyers who pay them an assignment fee for transferring the contract.

This process works because a real estate purchase agreement does not come with the obligation to buy a property. Instead, it sets forth certain purchasing parameters that must be fulfilled by the buyer of the property. In a nutshell, whoever signs the purchase contract has the right to buy the property, but those rights can usually be transferred by means of an assignment of contract.

This means that as long as the buyer who’s involved in the assignment of contract agrees with the purchasing terms, they can legally take over the contract.

But how do real estate wholesalers find these properties?

It is easier than you might think. Here are a few examples of ways that wholesalers find cheap houses to turn a profit on:

• Direct mailers
• Place newspaper ads
• Make posts in online forums
• Social media posts

The key to finding the perfect home for an assignment of contract is to locate sellers that are looking to get rid of their properties quickly. This might be a family who is looking to relocate for a job opportunity or someone who needs to make repairs on a home but can’t afford it. Either way, the quicker the wholesaler can close the deal, the better.

Once a property is located, wholesalers immediately go to work getting the details ironed out about how the sale will work. Transparency is key when it comes to wholesaling. This means that when a wholesaler intends to use an assignment of contract to transfer the rights to another person, they are always upfront about during the preliminary phases of the sale.

In addition to this practice just being good business, it makes sure the process goes as smoothly as possible later down the line. Wholesalers are clear in their intent and make sure buyers know that the contract could be transferred to another buyer before the closing date arrives.

After their offer is accepted and warranties are determined, wholesalers move to complete a title search . Title searches ensure that sellers have the right to enter into a purchase agreement on the property. They do this by searching for any outstanding tax payments, liens , or other roadblocks that could prevent the sale from going through.

Wholesalers also often work with experienced real estate lawyers who ensure that all of the legal paperwork is forthcoming and will stand up in court. Lawyers can also assist in the contract negotiation process if needed but often don’t come in until the final stages.

If the title search comes back clear and the real estate lawyer gives the green light, the wholesaler will immediately move to locate an entity to transfer the rights to buy.

One of the most attractive advantages of real estate wholesaling is that very little money is needed to get started. The process of finding a seller, negotiating a price, and performing a title search is an extremely cheap process that almost anyone can do.

On the other hand, it is not always a positive experience. It can be hard for wholesalers to find sellers who will agree to sell their homes for less than the market value. Even when they do, there is always a chance that the transferred buyer will back out of the sale, which leaves wholesalers obligated to either purchase the property themselves or scramble to find a new person to complete an assignment of contract with.

Learn more about assignment of contract in real estate by checking out this article .

Who Handles Assignment of Contract?

The best person to handle an assignment of contract is an attorney. Since these are detailed legal documents that deal with thousands of dollars, it is never a bad idea to have a professional on your side. If you need help with an assignment of contract or signing a business contract , post a project on ContractsCounsel. There, you can connect with attorneys who know everything there is to know about assignment of contract amendment and can walk you through the whole process.

ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

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Legal Templates

Home Business Assignment Agreement

Assignment Agreement Template

Use our assignment agreement to transfer contractual obligations.

Updated February 1, 2024 Reviewed by Brooke Davis

An assignment agreement is a legal document that transfers rights, responsibilities, and benefits from one party (the “assignor”) to another (the “assignee”). You can use it to reassign debt, real estate, intellectual property, leases, insurance policies, and government contracts.

What Is an Assignment Agreement?

What to include in an assignment agreement, how to assign a contract, how to write an assignment agreement, assignment agreement sample.

Partnership Interest

An assignment agreement effectively transfers the rights and obligations of a person or entity under an initial contract to another. The original party is the assignor, and the assignee takes on the contract’s duties and benefits.

It’s often a requirement to let the other party in the original deal know the contract is being transferred. It’s essential to create this form thoughtfully, as a poorly written assignment agreement may leave the assignor obligated to certain aspects of the deal.

The most common use of an assignment agreement occurs when the assignor no longer can or wants to continue with a contract. Instead of leaving the initial party or breaking the agreement, the assignor can transfer the contract to another individual or entity.

For example, imagine a small residential trash collection service plans to close its operations. Before it closes, the business brokers a deal to send its accounts to a curbside pickup company providing similar services. After notifying account holders, the latter company continues the service while receiving payment.

Create a thorough assignment agreement by including the following information:

• Effective Date:  The document must indicate when the transfer of rights and obligations occurs.
• Parties:  Include the full name and address of the assignor, assignee, and obligor (if required).
• Assignment:  Provide details that identify the original contract being assigned.
• Third-Party Approval: If the initial contract requires the approval of the obligor, note the date the approval was received.
• Signatures:  Both parties must sign and date the printed assignment contract template once completed. If a notary is required, wait until you are in the presence of the official and present identification before signing. Failure to do so may result in having to redo the assignment contract.

Review the Contract Terms

Carefully review the terms of the existing contract. Some contracts may have specific provisions regarding assignment. Check for any restrictions or requirements related to assigning the contract.

Check for Anti-Assignment Clauses

Some contracts include anti-assignment clauses that prohibit or restrict the ability to assign the contract without the consent of the other party. If there’s such a clause, you may need the consent of the original parties to proceed.

Determine Assignability

Ensure that the contract is assignable. Some contracts, especially those involving personal services or unique skills, may not be assignable without the other party’s agreement.

Get Consent from the Other Party (if Required)

If the contract includes an anti-assignment clause or requires consent for assignment, seek written consent from the other party. This can often be done through a formal amendment to the contract.

Prepare an Assignment Agreement

Draft an assignment agreement that clearly outlines the transfer of rights and obligations from the assignor (the party assigning the contract) to the assignee (the party receiving the assignment). Include details such as the names of the parties, the effective date of the assignment, and the specific rights and obligations being transferred.

Include Original Contract Information

Attach a copy of the original contract or reference its key terms in the assignment agreement. This helps in clearly identifying the contract being assigned.

Execution of the Assignment Agreement

Both the assignor and assignee should sign the assignment agreement. Signatures should be notarized if required by the contract or local laws.

Notice to the Other Party

Provide notice of the assignment to the non-assigning party. This can be done formally through a letter or as specified in the contract.

File the Assignment

File the assignment agreement with the appropriate parties or entities as required. This may include filing with the original contracting party or relevant government authorities.

Communicate with Third Parties

Inform any relevant third parties, such as suppliers, customers, or service providers, about the assignment to ensure a smooth transition.

Keep Copies for Records

Keep copies of the assignment agreement, original contract, and any related communications for your records.

Here’s a list of steps on how to write an assignment agreement:

Step 1 – List the Assignor’s and Assignee’s Details

List all of the pertinent information regarding the parties involved in the transfer. This information includes their full names, addresses, phone numbers, and other relevant contact information.

This step clarifies who’s transferring the initial contract and who will take on its responsibilities.

Step 2 – Provide Original Contract Information

Describing and identifying the contract that is effectively being reassigned is essential. This step avoids any confusion after the transfer has been completed.

Step 3 – State the Consideration

Provide accurate information regarding the amount the assignee pays to assume the contract. This figure should include taxes and any relevant peripheral expenses. If the assignee will pay the consideration over a period, indicate the method and installments.

Step 4 – Provide Any Terms and Conditions

The terms and conditions of any agreement are crucial to a smooth transaction. You must cover issues such as dispute resolution, governing law, obligor approval, and any relevant clauses.

Step 5 – Obtain Signatures

Both parties must sign the agreement to ensure it is legally binding and that they have read and understood the contract. If a notary is required, wait to sign off in their presence.

Related Documents

• Purchase Agreement : Outlines the terms and conditions of an item sale.
• Business Contract : An agreement in which each party agrees to an exchange, typically involving money, goods, or services.
• Lease/Rental Agreement : A lease agreement is a written document that officially recognizes a legally binding relationship between two parties -- a landlord and a tenant.
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