How does house-flipping work?

Answers:0   |   LastUpdateAt:2012-09-30 10:25:03  

Asked at 2012-09-30 10:25:03
I love watching these shows about house flipping. I see the headaches and problems encountered , but still seem to think it would be fun and a great way to make money . What I can not understand is how seemingly ordinary people (ie , not rich ) can afford their own home while buying another house and sinks to $ 50k in renovations ? MedlinePlus MedlinePlus If you already own your own home , you go to the bank and get another loan? I think the bank would not approve such a risky venture at first. And even if you do get approved , how people get $ 50,000 in cash to make the renovation ? I just do not undertand . I can understand how someone does if investors have a lot of personal money or know construction workers who can do the job cheaper. But for others who are doing flipping his first house, how to do this?

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