House flipping is when a real estate investor buys houses and then sells them for a profit. In order for a house to be considered a flip, it must be bought with the intention of quickly reselling. ... After completing the work, they make money from selling the home for a much higher price than what they purchased it for.
Like in the game of Monopoly, most property investors have the goal of – buying as many properties as they can afford and earning as much income as possible. However, there are other things property investors can learn from Monopoly. We take a look at some of the key lessons.
1. UNDERSTAND THE RULES - the player who has the best understanding of the rules is going to have the best chance of winning.
2.THE RIGHT LOCATION COUNTS - If you stop to buy property at every space you land on without a plan, you’re going to go broke before any of your properties begin to pay dividends.
3. NEGOTIATION AND PERSUASION SKILLS ARE KEY - There are times when trading properties with another player is necessary to get ahead.
4. MAKE THE MOST OF OPPORTUNITIES - Monopoly is a game where every player is given the exact same opportunities – everyone starts on ‘GO’ and you begin the game with the same amount of money.
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