"Flipping" is a hot trend in today's real estate market. Just take a look around, there are books on flipping, media articles about flipping and even reality shows have tapped into the flipping rave. There is no doubt about it, flipping is hot and with so many ways to do it why wouldn't it be? Here is a quick list on ways to flip for profit.

Buy It, Fix It, Flip It

Perhaps the most popular way to flip a house these days is to purchase a fixer-upper, make some repairs and sell it for profit. Real estate investors have been flipping houses like this for years. This is a tested and proved way to make money. Even better, flipping fixer-uppers can net profits anywhere in the range of $15,000 to $50,000. The key to this type of flipping is finding bargain buys that require as little fixing as possible.

Buy It, Refinance It With a Lease Option

Instead of selling your fixer-upper for cash, you can sell for terms. Once you have renovated the house to your liking, have the property appraised and refinanced at its new value. If you are on your game, you should have virtually no money tied up in the transaction. Now you can sell the investment property on a lease with option to buy. The rent payment should cover the mortgage payment. If and when your tenant opts to purchase, you will rake in a larger profit because you won't be liable to pay a broker's fee. If the renter decides to option the purchase after a year, you will benefit from a lower capital gains tax rate.

As Is Flipping

If you aren't into fixing your fixer-upper, you can always flip it untouched. This tactic works best on homes that don't require a lot of repair. If the real estate market is hot, you will be able to turn your investment property a little below the current market price. You don't make as much money this way, but you can gain a profit in a short period of time.

Pre-construction Flipping

When the real estate market is smoking hot, you can easily flip homes pre-construction style. This method works best when prices are appreciating at approximately two percent a month. If you purchase a pre-sold home, by the time it is built and closed on, you will be able to sell if for more then the purchase price. The down fall here is if the market slips, you could lose ground and money on your pre-construction investment.

Wholesale Flipping

The final flipping method is wholesale flipping. This tactic works because the fix it and flip it method is so popular. If there are a lot of investors out there seeking fixer-uppers, you can capitalize on this demand by purchasing real estate and selling it to other investors. You don't pull in a huge profit selling homes like this, but you can turn a lot in a short amount of time and with very little effort.