The recession is prompting many people to try flipping houses as an additional source of income. At a time when everybody wants to be secure financially, many are turning into real estate investing. They see it as easy and fast money and it indeed is for those who know how to fix and flip properties the right way. For those who want to start in this business, here are the properties you can fix and flip:

First in the list are fixer upper homes. These are basically houses that are in disrepair and are very cheap. Owners of these properties are usually struggling financially and could not afford to fund repairs. Other owners opt to rent or move to other places and thus see repairs as a waste of money. You’ll find scores of fixer upper homes across the country and one could be in your neighborhood.

When buying these types of properties, choose those that only need cosmetic repairs. These are minor repairs needed merely to beautify a home and raise its value. Examples of cosmetic repairs are applying a new coat of paint, laying out new carpeting, and improving outdoor landscapes. Addition of appliances, faucets and other plumbing fixtures, and electrical fixtures may also be considered as cosmetic repair.

It is given that fixer upper homes have damages but you should always be on the lookout for structural repairs. Structural repairs are those that are considered major and could eat up your repair budget. If the roof has a few broken shingles, then that won’t cost you much. But if the whole roof needs to be replaced, reconsider buying that fixer upper as it might cost you a fortune. Tearing down or putting walls is also considered a major and expensive repair. Termite infestation can be a headache, depending on the magnitude.

Apart from fixer upper homes, you can also buy REOs, or real estate owned properties. These are houses repossessed by banks from owners who failed to settle financial obligations like mortgage. A lot of these houses need very little cosmetic fix and flip. Houses up for a short sale might work a well. Inherited houses are ideal properties to fix and flip. Many owners prefer to sell these houses at very low prices. You can also target properties of divorcees. These homes are often easy to purchase as owners want to dispose of them, due to financial and emotional factors.

Learn more about ideal houses to fix and flip at REIwired.com. The website is a database of videos, sound files, and articles about real estate investing in today’s market.