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How To Close Your First House Flip Like A Pro

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Nobody wants to screw up their first house flip. Everyone wants to get a return on their investment and pay back money they got from family, friends, or private lenders.

The biggest fear that many first time real estate investors have is the fear of ruining a very good deal. It’s understandable and many first time investors have a hard time trying to overcome this fear.

The best way to ensure that you close your first house flip like a pro is to make sure all the details of your flip are spot on.

You shouldn’t use any type of eraser math or try to adjust the numbers to make your deal work out. The 70% rule should always be applied no matter what.

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Back To Basics: The House Flip Elevator Pitch

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If you want to be successful in real estate investing, you need the house flip elevator pitch to fund your house flips-or so you have heard many people say.

Most house flippers think they do not need a house flip elevator pitch but in reality they do. Your mindset determines how you deliver your pitch and how you present yourself to other people.

There are plenty of ways that you can utilize the elevator pitch. You can use it to look for deals, to announce to your family that you are planning on venturing into the house flipping business or even when creating your house flipping team.

You especially have to perfect the art if you want to raise money to fund your flips.

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10 Items Under $20 That Can Make Your House Flip A Success

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Before I dive into this post, I wanted to let you know about the House Flipping School MeetUp my team and I are hosting this Thursday, October 23rd. This Thursday will mark the 1 year anniversary of our zero-cost, zero-pitch, all education MeetUp. It would be terrific to meet you so please swing by if you are in the New England area.

Ok, so now onto the details of this post...

House flipping is not a cheap venture; you need to invest some money. Renovating a house can cost anything from thousands of dollars to hundreds of thousands of dollars. The amount of money used in a rehab can add up very fast.

I have talked time and again about flipping houses with no money but did you know that you can buy items for under $20 dollars that will make your house flip a success?

Here’s my Top 10 list of items you can purchase for under $20, which can have a big impact on your house flip.

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What If Your House Flips Don’t Sell?

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One of the biggest fears that new house flippers have is not being able to sell their flips. What happens if their house flips don’t sell? What do they do afterwards?

It’s a common fear among many beginners and it’s justifiable. Thankfully it is a situation you can avoid altogether if you take the necessary steps with your lenders way ahead of time. This will depend on the type of loan you have on the house, however.

Here are two situations that you may face and how to deal with them effectively.

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The Number One Reason You Should Consider Your Real Estate Competitor As Your Ally

real estate competitorAs a real estate investor, you obviously know the drill by now; you find properties to flip, give your offer, prepare yourself psychologically to get most of them rejected and a few of them accepted. But sometimes you might just submit several offers and they all get accepted at the same time.

This can be quite a dilemma especially if you do not have the financial ability to handle all the offers at once. The bank may not be willing to lend you the money to finance all your flips, you may not have access to all the necessary funds or maybe you encountered some unexpected issues with the property.

It’s common to see a number of real estate investors get properties under contract only to later on realize that the money they thought they had can’t be used to seal the deal. As a real estate investor, when you come across such situations, they can be a really good opportunity for you.

Having said that, that real estate you consider your competitor could very well be your next partner.

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