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Finalize FinancesNow it is time to make sure you can get a mortgage, make sure you will have adequate cash available to make the repairs and payments, and that the difference between what it all will cost as compared with what you plan to get for the property is going to make it worthwhile to do the flip.I venture to say that most flippers do not give any thought to most of these aspects. Their focus is on what they can get for the property versus what it will cost them. They have no specific figures on actual cost and are operating on a guess and a prayer.Living like that is not my style. I need to know in advance about costs. There have been several projects that I have passed up just for that reason. Then there have been projects where I have thrown caution to the wind and either done well or done poorly.I guess if Edison had known that what he attempted to do with a light bulb was not possible, then we might not have a light bulb today. Or if a bee knew that it could not fly, there would be no honey. Fortunately Edison and bees threw caution to the wind and now we have light bulbs and honey. Go figure. Just match your life style to your flip style.
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Prepared 2006-2011 David Ullian Larson
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