When you're purchasing fix and flip properties, one of the most critical parts of the equation is a great contractor. If you're worried that your contractor isn't up to par, however, there are several signs that you've hired a bad contractor--and that could land you in plenty of hot water. If you recognize any of these signs, it's time to take a hard look at your contract and see what other options you have.

There are plenty of myths about the fix and flip property business that leave plenty of people scratching their heads. Whether you've been in the business for years or you've just embarked on the journey with your first investment property, some of these myths may seem all too familiar. Some, you've already run up against. Others, you might still be waiting to encounter.

Purchasing a fix and flip property is often a long-term investment. You'll have your capital tied up in the house for quite some time. Sometimes, when the work is done, you're faced with a problem: you've got the property fixed up, ready to sell, but it's sitting on the market without selling. In other cases, you might have watched the market shift in your area so that you can't make as much on the property as you initially thought. If you encounter a problem, is it worth renting your investment property short-term? Asking yourself a few key questions will help make this determination.

If you've decided to rent your property instead of selling, finding a qualified and responsible tenant is crucial to making a profit. If your property sits too long without a tenant, or between tenants, then you lose money. Since time is money, you need to move on to your next property, whether that's finding one or beginning the renovations on it. You don't have time to screen tenants. That's where Property Management companies come to your rescue. Of course, not all property management companies were created equally. So, which one should you trust with your property? Below you'll find two excellent SoCal property management companies who can help you find the best tenants.

With the rise of such networks as HGTV and the DIY Network, there now seems to be an overabundance of shows that show the "fix and flip" process -- and while some get the process down pat, there are many more that are completely off-base.

Finding real estate advice isn't always easy without having to pay a lot for it, or in hiring a real estate advisor. When you need some basic information about how to buy or sell a house, do you really have to spend a lot of money to find a few facts?

You hear a lot about fixing and flipping. There are several TV shows dedicated to it and plenty of articles to read up on, however, you don't hear as much about fixing and holding. It's a very viable option if you'd rather get a steady income instead of a big payout all at once. If you've decided to fix and hold, or you're leaning towards that route, one of the first things you need to do is find a company that runs background checks on your potential tenants. One thing is certain, you don't want to take any chances on the people you let live in your home. It's vital that you know who they are and what they've done in the past. You're looking for someone with a great history of taking care of their living spaces, and not causing any trouble.

The concept of fixing and flipping homes has grown steadily over the last decade, though with the increased interest, competition is now fierce. As such, marketing is more important than ever to stand out from other property flippers trying to sell their homes in the same neighborhood.

Flipping houses has become so popular that various myths can start to develop, which oversimplifies the process. While it's a fantastic way to make a lot of money, you have to know what you're doing before starting. It's going to mean taking careful measures to assure you make the largest profit.

Real estate investing success isn't based on luck. Sure, sometimes you'll get lucky and find the perfect house at the perfect time, but overall, it's about knowledge, patience, and timing. Investors learned a few things about California real estate last year, and you can certainly learn from them and use that knowledge to your advantage.